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The stock of Arvind Ltd has been on an uptrend since April this year. It found support at ₹80 and then established an uptrend. In August, it surpassed a resistance at ₹150 and a couple of days ago, it broke out of another barrier at ₹180. So, even though there was a minor decline in price on Wednesday, the broader uptrend is intact. Particularly, the price action suggests that the stock is likely to gain on Thursday.
So, Arvind can be considered to take intraday longs. Buy at the current level of ₹182.35 and keep a stop-loss at ₹178. Book profits if the price rallies to ₹190. In case the stock opens Wednesday’s session with a gap-up, wait for the price to moderate to ₹183 before buying.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading
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