Arvind Fashions’ share price has been in a strong uptrend since April this year. The stock rose over 2 per cent on Thursday when the broader markets fell sharply. This rise indicates the overall uptrend is resuming after a short period of consolidation since mid-May. Support is in the ₹465-460 region. Immediate resistance is at ₹495. But the stock can break this resistance. Such a break can take Arvind Fashions’ share price up to ₹520 and even ₹540 in the coming weeks.
Traders can buy Arvind Fashions now at ₹483. Accumulate on dips at ₹475. Keep the stop-loss at ₹448 initially. Trail the stop-loss up to ₹488 as soon as the stock goes up to ₹498. Revise the stop-loss further up to ₹500 and ₹520 when the price touches ₹510 and ₹530, respectively. Exit the long positions at ₹540.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading.