Stock Picks - Buy Arvind Ltd For Target Of Rs. 63 - ICICI Direct
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Technical Observations
* The stock in the last four months is seen trading in a rising channel signalling sustained demand at elevated levels. It has recently rebounded taking support at the lower band of the rising channel and 20 days EMA thus offers fresh entry opportunity with a favourable risk reward set up
* The share price on Tuesday session has also generated a breakout above the last 20 days range (| 58-49) signalling strength acceleration of the up move
* The breakout from the last 20 days range is supported by strong volume of more than three times the 200 days average volume of 28 lakhs share per day highlighting larger participation in the direction of trend
* The stock has immediate support at | 52 levels as it is the confluence of the lower band of the rising channel and 20 days EMA placed around | 52 levels
* We expect stock to resolve higher and eventually head towards our earmarked target of | 63, as it is 161.8% external retracement of the recent breather (| 58-48), at | 63 levels
Buy Arvind Ltd @ 55.00-57.50 TGT 63.00 SL 51.50
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