Derivatives strategy on Arvind Limited by HDFC Securities

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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  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.