Buy Raymond, target Rs 934: Sameet Chavan

Sameet Chavan

In mid-October, Raymond, high beta mid-cap counter formed its base around the 200-SMA on the weekly chart. Since then, we have been maintaining our positive stance on the counter.

Recently, we saw prices struggling around 825, which eventually became the multiple resistance zone. On Thursday, there was a massive bump seen at the opening well above this hurdle and thereby, confirmed a breakout with a ‘Breakaway Gap’.

As per the gap theory, this development is considered as a strong bullish sign and hence, Friday’s profit-taking should be interpreted as a good buying opportunity for the target of Rs 934 in the coming days. The stop loss can be placed at Rs 828.

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