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Investors with a short-term perspective can buy the stock of Arvind SmartSpaces at current levels. The stock has been on a long-term uptrend since taking support at ₹67 in February 2017. However, after recording a new high at ₹222 in early January this year, the stock began to reverse lower. This downtrend found support from the significant medium-term support around ₹155 and its 200-day moving average in early March.
The stock subsequently resumed its uptrend triggered by positive divergence in daily relative strength index. Since then, the stock has been on a nascent uptrend. While trending up, the stock breached its 21- and 50-day moving averages recently and hovers well above them.
On Monday, the stock surged 4.5 per cent with above average volume reinforcing the short-term uptrend. The daily relative strength index is on the brink of entering the bullish zone from the neutral region. The outlook is bullish for the stock. It can extend the uptrend and hit the price targets of ₹199.5 and ₹204 in the ensuing trading sessions. Traders can buy the stock with a stop-loss at ₹187.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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