Raymond may rise to Rs 246-248: Shardul Kulkarni

Shardul Kulkarni of Angel Broking told CNBC-TV18, "There is a daily chart flag breakout in Raymond. It is a very small pattern, but what we see is the possibility of moving higher is quite likely."

He further added, "The stock could move towards Rs 246 to Rs 250 wherein I would look at booking profits. The reason being that the overall weekly chart structure is a very strong lower top lower bottom cycle. As of now I would not see any signs of that cycle changing, considering the way in which the overall market is moving."

"Overall if I look at this particular stock, Rs 246 to Rs 248 would be my target price on the upside. On the lower side Rs 216 is a decent support. So long as the stock stays above Rs 216 the view of Rs 246 will hold," Kulkarni said.