Arvind Mills - Not a strong movement

Arvind Mills is running under some really tough times. The stock has seen some revival over the past couple of days. After reaching an 52 week low at Rs. 45, the stock is currently trading at Rs. 57. One of the FIIs had taken a big stake at these levels last time.

• The stock is currently trading below its 100 and 200 day moving average.
• MACD is still on the positive zone. Though the signal line is trading almost parallely.
• The stock is seeing some significant volumes. However, when one looks at the Accumulation Distribution, the story is a bit different. The rally is mostly on the downside for this stock.
• Given the recent rise in this stock, RSI is on the higher side at close to 70.
  

The two important factor to enter into this stock would be fresh buying indicated by Accumulation Distribution chart for this stock. Some of the intermediate triggers would be at 59 and 62. These are levels which the stock found it difficult to break in July last year. Post this, breaking the 200 day average would be the next target. The downside would still be at Rs.51 and then at Rs. 48.