Derivatives strategy on Arvind Limited
by Nandish Shah, Technical & Derivatives Analyst at HDFC Securities:
Buy ARVIND July Future at Rs 418
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.