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What is interesting is that we have been bullish on the textile story and we have a pair trade strategy for the same. We have been asking our clients to short twice the Nifty against textile stocks because beta of the stock is close to 1.8 times and at every bounce back these are showing sharper bounces than the Nifty. So, we feel on a rangebound area, this particular stock can be traded both fundamentally as well as technically from the ranges of Rs 22 23 levels to Rs 24 to Rs 29 30 mark and small positions should be kept from a longer term perspective with a target of close to Rs 40 45 for the next 12 18 months..

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