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Thestock of Vardhman Textiles has been gradually moving up since June this year. This uptrend is intact and has room to rise further. The 55-Day Moving Average (DMA) is just crossing over the 100-DMA. This is a bullish signal and strengthens the case to see further rise from here. Supports are at ₹343 and ₹337. It also indicates that any dips from current levels can be limited.
The stock can rise to ₹400-405 over the next two-three weeks. Traders can go long at current levels. Accumulate on dips at ₹348. Keep the stop-loss at ₹334. Trail the stop-loss to ₹371 as soon as the stock moves up to ₹378. Move the stop-loss further up to ₹382 as soon as the stock touches ₹389. Book profits at ₹395.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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