Vardhman Textiles (₹1,297.7): Buy
Akhil Nallamuthu
BL Research Bureau |
Updated on
March 31, 2021
The stock of Vardhman Textiles has made a fresh breakout on Wednesday, opening the door for further strengthening. It marked a new 52-week high of ₹1,326 and going forward, the scrip is likely to scale new heights. Traders can consider buying this stock for the near-term.
Since hitting a low of ₹601 a year ago, the stock has more than doubled. However, the recovery has not been smooth. The stock faced several challenges en route to the current price level and had to break through many strong hurdles. In spite of this, it managed to bounce-off the 21-day moving average on a consistent basis and the recent breakout with significant volume has showed that bulls are holding strong.