Derivatives strategy on Arvind Limited by HDFC Securities

Derivatives strategy on Arvind Limited by Nandish Shah, Technical & Derivatives Analyst at HDFC Securities:

Buy ARVIND July Future at Rs 418
Stop loss of Rs 408
Target Rs 432

Rationale: Long  build  up is seen in Arvind futures’ yesterday, where We have seen sharp Rise in Open Interest with Price rise of 3.5%

Stock  Price  has  given  breakout on the daily chart where it managed to close above 200 day SMA with surge in volumes

Stock  price  has  already  given  bullish   breakout from the downward   sloping  trend  line, adjoining high of 9th May and 15th -June 2018.

Momentum Indicators and Oscillators like RSI and MACD are Indicating strength in the stock for the short to medium term.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.