April 25, 2017
Arvind Ltd (NSE Cash)
BUY
` 395
` 407 - 409
` 434
5 - 10 sessions
Daily Chart
Source: Falcon (Time: 11.25 IST)
Justification:
Post the rally from `321.25 to `414.80, the stock has started moving in sideways direction. The stock had taken support
around the ’89 EMA’, which coincides with 38.20% retracement level of the mentioned rally; and formed a ‘Hammer’
candle on daily chart. We witnessed a follow-up buying after the formation of a mentioned candlestick pattern. Today, the
stock is in verge of giving a breakout from a ‘consolidation phase’ of last one month (see exhibit). Also, the ‘RSI’ oscillator
and ‘MACD’ are showing strength on both daily and weekly chart. Considering the positive placement of moving
averages along with above mentioned technical evidences, we are expecting resumption in the positive momentum in the
counter. Thus, we advise traders to buy this stock at current levels to a decline up to `407 for a target of `434 over
the next 5 - 10 sessions. The stop loss should be fixed at `395.
Jay Kumar Purohit
022-3935 7600 Extn: 6844
[email protected]
1
April 25, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
Website: www.angelbroking.com
Email: [email protected]
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