August 07, 2017
Arvind (NSE Cash)
BUY
` 359.50
` 376 - 379
` 412
14 - 21 sessions
Daily Chart
Breakout
Source: Falcon (Time: 10:05 IST)
Justification:
This stock has been in a consolidation phase since last couple of months. In today’s trading session, the prices have given a
breakout from a falling trendline resistance which can be seen in the exhibit. The price breakout is also supported by higher
volumes and the ‘RSI’ oscillator on the daily chart too is indicating a positive momentum. Further, the ‘SuperTrend’ indicator on
the daily chart has given a ‘BUY’ signal after a period of three months. Considering these reasons, we are expecting the stock to
move higher in near term. Thus, we recommend buying this stock at current levels and on corrections up to `376 for a
target of `412 over the next 14 - 21 sessions. The stop loss should be fixed at `359.50.
Ruchit Jain
022-3935 7600 Extn: 6554
1
August 07, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
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