Buy Arvind at around Rs 115-120, says Nooresh Merani

Nooresh Merani of AMSEC told CNBC-TV18, "Arvind has been in a huge uptrend over the last few months after it broke out above Rs 85-90 zone. If we look at the longer term chart the tops are around Rs 140-145. So in the short-term we may expect Rs 135-145 zone to be difficult for the stock to cross."

He further added, "So at higher levels it may pause for sometime, but overall the trend is very positive. If it dips closer to Rs 115-120 we may look into the stock as a fresh position."

"Gujarat Mineral Development Corporation (GMDC) is closer to now Rs 100-105 where it made a bottoming out formation. The last two days have been a good volume built-up. I would expect the stock to go towards Rs 130-150. So in Gujarat based companies I would prefer GMDC as our top pick," Merani said.