Go long in Arvind, sell Glenmark Pharma: Chandan Taparia

Chandan Taparia of Anand Rathi Securities told CNBC-TV18, "Arvind has seen strong breakout couple of days back above Rs 295-297 zone and has seen strong rally of more than 10 percent in a day with a build-up of long position by more than 15 percent. Those longs are still intact even in this consolidation and it has also taken support near to the previous hurdle. So it is giving a classical example of resistance becoming support and that is reason that we are expecting this stock to start the next leg of rally.""We are recommending to go long on Arvind with a stop loss of Rs 295 for the upside target towards Rs 315 kind of levels," he said."Glenmark Pharma has seen sustain selling. In the last three series the stock is continuously falling down and trading below its volume weightage average. Overall shorts are intact and this weakness may continue in the next series as well. So I am recommending selling the stock with a stop loss of Rs 980 for the downside target towards Rs 915-910," he added.