The outlook is bullish for Vardhman Textiles. The 3.6 per cent rise on Wednesday marks the end of the two-week sideways consolidation. It also indicates the beginning of a new leg of upmove. Moving average cross-over on the daily chart strengthens the bullish case. Supports at ₹366 and ₹355 can limit the downside. Intermediate dips to these supports if seen can see fresh buyers coming into the market.
Vardhman Textiles share price can rise to ₹400-405 over the next two-three weeks. Traders can go long now. Accumulate on dips at ₹368 and ₹358. Keep the stop-loss at ₹348. Trail the stop-loss up to ₹378 as soon as the stock price goes up to ₹384. Move the stop-loss further up to ₹385 when the price touches ₹392 on the upside. Exit the long positions at ₹400.
Note: The recommendations are based on technical analysis. There is risk of loss in trading