Pritesh Mehta, Senior Technical Analyst of IIFL told CNBC-TV18, "Each and every stock has to go through a period of decline and Arvind got that correction in last three months. However, it found support at lower levels; it retraced 38.2 percent in the previous rally. It tells us that the upturn in this counter is still intact. I am expecting this stock to build on the recent breakout, so buy Arvind for a target of Rs 305.”
At 15:05 hrs Arvind was quoting at Rs 280.40, up Rs 2.80, or 1.01 percent.
The share touched its 52-week high Rs 341.40 and 52-week low Rs 136.80 on 16 September, 2014 and 30 December, 2013, respectively.
Disclosure: Analyst might have recommended above ideas to his clients but there is no personal holding in it.
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