Arvind may test Rs 140: SP Tulsian

SP Tulsian of sptulsian.com told CNBC-TV18, "Arvind has more to do with the technical move because the Monday's close has come above Rs 132. In the whole of this December series, the stock has been keeping momentum and it was not giving the technical breakout. The people have been expecting good numbers in Q3 from the company because of the better performance from the textile division, but this is more a technical call."

He further added, "Maybe till expiry one can look for a price of about Rs 140. I am not saying that the positive momentum is not likely to continue thereafter, but once we see the expiry at Rs 140 level then we may see some profit booking coming in. Probably again one may enter at a lower level of Rs 130, but keep just two days view, today and tomorrow and look for a level of Rs 140."

"The debt is a big concern, I don’t know how much debt reduction they will be able to do with the textile division doing well and the real estate division has not contributed much. Don’t take a linear position that beyond Rs 140 also one can retain the long position for January series. So one could see the level of Rs 126 to Rs 130 which can be the entry point again at that level," Tulsian said.