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We recommend a buy in Arvind Mills at current market price for a medium-term perspective. Arvind Mills has completely retraced its prior up move from a low of Rs 41 to a high of Rs 93 recorded between August and December 2007 in a short time period of three weeks. However, the stock found support at the long-term support level of Rs 40 recently and began to move up backed by above average volume. The daily momentum indicator is recovering form the oversold region. The price rate of change oscillator is at oversold region. The immediate support for the stock is at Rs 40 and the subsequent support is at Rs 35. Considering the above arguments, we expect the stock's current up move to continue further up to the key resistance level of Rs 65 in the medium-term. The medium-term investors can buy the stock while keeping the stop-loss at Rs 40 level.

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