Buy Arvind around Rs 70-72, says SP Tulsian

SP Tulsian, sptulsian.com advice short term traders to buy Arvind around Rs 70-72.

Tulsian told CNBC-TV18, “The best part about Arvind is what I have liked in fact if you see the price behavior in last six months, the stock has corrected from Rs 100 plus. In fact it went upto Rs 105-110 and it fell to as low as Rs 70 and again from there it has bounced back and may not have breached the three digit mark but moved pass Rs 90 plus. So again probably Rs 70-72 is seen to be a fundamental bottom for the company.”
He further added, “I won’t be able to take a technical call because the stock has seen huge amount of long positions having got created because if you see last one month’s behavior or maybe last 15 days this stock has been ruling very strong. Till yesterday it was ruling at Rs 92-93 and whole of the May series and maybe the last one week of April series has been very strong for the stock but definitely Rs 70-72 can definitely be used as an entry point from a short term point of view and I think that in next couple of months again we may see share moving back to about Rs 86-90.”