Buy Arvind Mills for target of Rs 52-75: Ventura
Bharat Gala, senior technical analyst at Ventura Securities is of the view that traders can buy Arvind Mills after the scrip manages to close above Rs 37 levels. The stock has the potential to touch Rs 52-75 levels.
By ET Bureau |
MUMBAI: Bharat Gala, senior technical analyst at Ventura Securities is of the view that traders can buy Arvind Mills after the scrip manages to close above Rs 37 levels. The stock has the potential to touch Rs 52-75 levels.
“In the short term to prove a higher bottom, Arvind Mills would have to trade above Rs 44. First positive for the stock of would be to close above Rs 37 area.
The pattern break-out with sufficient volume will happen above Rs 40-42 area and the stock will open for a price target of Rs 52-67-75. Supports lies at Rs 35-32-28 levels.
Two consecutive close below Rs 28 will prove weakness in the stock and the stock will open for Rs 22.
The momentum will be fastest above Rs 44 levels,” Gala said.
“In the short term to prove a higher bottom, Arvind Mills would have to trade above Rs 44. First positive for the stock of would be to close above Rs 37 area.
The pattern break-out with sufficient volume will happen above Rs 40-42 area and the stock will open for a price target of Rs 52-67-75. Supports lies at Rs 35-32-28 levels.
Two consecutive close below Rs 28 will prove weakness in the stock and the stock will open for Rs 22.
The momentum will be fastest above Rs 44 levels,” Gala said.
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