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Investors with a short-term horizon can buy the stock of Arvind at current levels. The stock has been in a long-term uptrend since it bottomed out at ₹19 in March 2020. Following a corrective decline, the stock found support at ₹60 in April this year and resumed the primary uptrend. Since then, the stock has been in a medium-term uptrend. However, it met with a resistance at around ₹110 in July and experienced a corrective down-move. This corrective decline appears to have come to an halt this week as the stock took support from the medium-term base level of ₹84.5 and bounced up.
On Tuesday, the stock gained 8.6 per cent with good volume and has rebounded from a vital base level of ₹85. The daily relative strength index has re-entered into the neutral region from the bearish zone and the weekly RSI has re-entered into the bullish zone. The medium-term uptrend is intact for the stock. It has potential to extend the up-move and reach the price targets of ₹97 and ₹99 in the forthcoming trading sessions.
Traders with a short-term view can buy the stock with a stop-loss at ₹91.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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