Expect Arvind to decline to Rs 270: Manav Chopra

Manav Chopra of Networth Stock Broking told CNBC-TV18, "Arvind has recently rallied by over 10-15 percent from its lows and looking at the overall formation the stock is showing some sort of an exhaustion patterns at the current level. The level of Rs 290 seems to be a very strong resistance for this stock as it has breached its important short-term moving averages and its rising trend line." "At the current level, there has been a short-term breakdown in the stock with volumes. Going forward, as long as the stock trades below Rs 290 there will be some sort of a selling pressure into this stock which also gives us a stop loss of Rs 290 on the upside. We expect a short-term decline close to the levels of Rs 270," he said.