February 15, 2016
Arvind Ltd (NSE Cash)
Buy
` 266
` 280 - 278
` 304
5-10 sessions
275
268
295
305
Bullish
Daily Chart
Source: Falcon (Time - IST 11:00)
We have witnessed a massive fall in his stock from its all time high of `365.70 in merely two months.
This severe fall now seems to have arrested around the weekly ’89 EMA’ level of `263.
This level coincides with the 100% ‘Price Extension’ of the previous down move (`365.70 - `294.70)
from `329.30. Friday’s candle resembles a ‘Spinning Top’ pattern around this strong support zone.
In addition, the daily ‘RSI’ oscillator is positively poised.
Thus, we advise traders to buy this stock from current level to a decline up to ` 278 for a target of `
304 in coming 5 to 10 trading sessions. The stop loss for this trade set up can be kept at ` 266.
February 15, 2016
Arvind Ltd (NSE Cash)
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Source: Angel Research
Research Team Tel: 022 - 40003600 (Extn.6552)
E-mail: [email protected]
Website: www.angelbroking.com
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