Buy Raymond, advises Ashish Kyal

Ashish Kyal of wavesstrategy.com told CNBC-TV18, "Raymond has formed a very good higher-low pattern. It is being moving in upward channel and one of very important aspect is that the correction in Raymond which happened over past few weeks, it took a very strong support around 38.2 percent retracement level of the entire rises from Rs 200-550. So it looks like there can be a multi-week low in this stock. We can again reach towards the new highs may be around Rs 580 or higher levels."

"In the short-term one can still initiate a buy on this stock keeping a stop loss of somewhere around Rs 20 near to Rs 530 and we can then expect a target on the upside around Rs 535. So Rs 480 will be the stop loss and Rs 530 can be the probable target," he said.