Raymond may slip to Rs 340, says SP Tulsian

Raymond may slip to Rs 340, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, “If you see the Raymond results, it has always been very erratic and maybe couple of quarters if you take in this last 8 quarters I don’t think that there has been any kind of positive surprises for the stock except for the real estate, which is likely to get monetize because of the huge chunk they are holding.”

He further added, “Market is quite apprehensive on the results tomorrow. It is expected that probably, it won’t be surprised to see the bottom line in red and if that happens stock may fall further and can correct to about maybe Rs 340 or so.”

“Hindustan Unilever (HUL) has really run beyond the expectations, Rs 460-465 was seen as the price where the profit booking could have been expected. In the morning also we discussed maybe Rs 470 could be seen a profit booking level, but the kind of enthusiasm, which we are seeing now I think that maybe beyond Rs 465-470 we have been seeing the built up of the technical positions, which may not continue or last for a very long time. If we see any kind of profit booking coming in or the stock contracts by about 2-3% this stock can again come back and correct to about Rs 450-455. So this is the danger zone in which the stock has really moved and I won’t be advising anyone to now take even a short-term technical call also and even the profit booking, those who are holding it for quite a sometime can be contemplated at the current level.”