Sell Raymond, target Rs 760: Vinay Rajani

Vinay Rajani

On January 2018, Raymond formed double top formation at Rs 1150 odd levels and reversed southward. Recently, the stock price breached the previous bottom support of Rs 850 on the weekly charts. Volumes were up along with the price fall of 6.5 percent during yesterday’s session. Selling pressure was witnessed in all the major textile stocks during yesterday’s session. Oscillators have also turned bearish on the medium term charts.

We recommend selling Raymond for the downside target of Rs 760, keeping stop loss at Rs 875.

Disclaimer: The author is Technical Analyst at HDFC Securities. 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.