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DIWALI PICKS
BUY
Arvind Fashions
Buy Near: Rs 310
Target: Rs 440
Stop Loss: Rs 230
In the calendar year 2021, Arvind Fashions rallied more than 150 per cent in a matter of just three months (from Rs 135 it went above Rs 360-mark). Thereafter, the stock corrected 61.8 per cent of the entire move and has been consolidating.
At this juncture, the stock is again on the verge of fresh breakout and that indicates a continuation of the prior uptrend. We have been witnessing heavy volumes in the counter with bullish price action and that suggests the possibility of accumulation. Investors can buy the stock within a time frame of around 1 year.
BUY
Computer Age Management Systems (CAMS)
Buy Near: Rs 2,575
Target: Rs 3,650
Stop Loss: Rs 2,000
The stock CAMS has retraced exactly 61.8 per cent of the entire rally which started after its listing in the year 2020. Now the stock has managed to clear its 200-day moving average and is on the verge of a fresh range breakout.
With regards to weekly RSI, the indicator is on the verge of a breakout from the 60 levels which could bring in more strength going ahead. Investors can buy the stock within a time frame of around 1 year.
(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
