Multibagger Arvind Ltd locks in upper circuit, witnesses highest single-day volume in last one year!

Besides, the stock managed to close at its highest point of the day; as a result, it led to the formation of a bullish Marubozu candle.

The stock of Arvind Limited was seen firing all cylinders on Wednesday as it not only got locked at its upper circuit but also, recorded a fresh 52-week high on NSE.   

The stock had opened at Rs 107.10 and interestingly, the open of the day was also the low of the day. Besides, the stock managed to close at its highest point of the day; as a result, it led to the formation of a bullish Marubozu candle. Furthermore, the stock has witnessed its highest single-day volume since August 12, 2020.   

On a higher timeframe i.e. the weekly timeframe, the stock has witnessed a breakout of the cup pattern, which has a length of 12-week and depth of 27 per cent.   

Interestingly, the RSI on the daily timeframe is in the super bullish range (60-80) and when the stock is in a strong uptrend, it is observed that the RSI refrains from slipping below the 60-mark. The inability of the RSI to go below the 60-mark indicates that the RSI is in super bullish territory. Furthermore, the ADX on the daily timeframe is above the 25 mark, which indicates strong trend strength. Moreover, the +DI line is much above the ADX as well as the -DI line, which indicates that the bulls are in the driving seat. Hence, keep a close watch on this stock.