Arvind may touch Rs 350, says Shubham Agarwal

Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "We believe that the long-term trend for Arvind remains positive, but for the last one year, we have seen a consolidation happening there with almost the upper hand being Rs 320 where it is quoting right now with a good support around Rs 240. Now, the reason that we are selecting is that there is an unusual momentum that we have seen last week and the overall consolidation is also very mature enough. So, this combined is a very good probability that we will see a breakout happening from this one year long consolidation that has already been under action.""We expect a target of Rs 350, so that is just a short-term target that we are looking at. However, the medium term trend could be way higher and the stoploss for this short-term trade can be kept at Rs 308, "he added.