Buy Raymond, target Rs 860: Shitij Gandhi

Shitij Gandhi

Raymond has witnessed a sharp recovery from Rs 600 and tested Rs 780 in a short span of time. However, since then, the stock has been consolidating in a range of Rs 720-780. This week we have observed a fresh breakout in prices after two weeks of consolidation. The breakout has been seen above the rectangle pattern which is generally traded as a continuation pattern.

So, traders can accumulate the stock in a range of Rs 780-790 for the upside target of Rs 860 with a stop loss below Rs 730.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.