has been in a secular uptrend & the occurrence of a ‘Flag Formation’ on the daily scale augurs well for the ongoing trend to continue. Breakout above 2150 seems established & could now attract momentum & hence fresh long positions could be initiated with a stop below 2105 for a short term target up to 2265.
Stock: ARVIND LTD
CMP: Rs 394
Follow through move post the ‘Piercing Line’ formation on the daily scale confirmed the base of the oscillating range. The convergence of the RSI signal along with the same indicates momentum to persist & a rebound towards the upper range could be swift. Hence we expect the stock to revisit 420 level & could be participated with a stop below 380.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.