Expect Arvind to touch Rs 95 level, says Harchekar

Arvind is expected to head towards Rs 94-95 zones, says Amit Harchekar of IIFL

Harchekar told CNBC-TV18, "Arvind has given a good breakout above Rs 87 levels and it is trading almost at day’s high. The upside potential still remains intact; it can head towards Rs 94-95 zones - that is the earlier from where we saw a selling pressure. So I believe a short-term upside it’s possible but the stop loss for long position is placed at Rs 87. So as long Rs 87 is held on, on closing basis Rs 95 is much possible." He further added, "Pipavav Defence and Offshore Engineering Company is more into sideways zone, Rs 86 turns out to be a resistance zone and on the downside Rs 77-78 turns out to be the lower band of support. I think this trend could continue before we have a breakout on either side, again the volumes they haven’t been so encouraging in today’s trading session but when one look into the volumes in yesterday’s trade they were quite significant which means there was good delivery based selling which was seen at higher levels. So I would be staying out of this counter at current levels unless we have a decisive breakout above Rs 86 levels."