The outlook is bullish for Raymond. The stock has made a bullish breakout above the key resistance level of ₹1,950 on Friday. The share price surged over 5 per cent on Friday and has closed strongly. The level of ₹1,950 can now act as a good support and limit the downside if an intermediate dip happens. Moving average cross-overs on the daily chart also strengthens the bullish case. Raymond’s share price can rise to ₹2,150 over the next few weeks. Traders can go long now at around ₹2,011. Accumulate on dips at ₹1,970. Keep the stop-loss at ₹1,920. Trail the stop-loss up to ₹2,035 as soon as the stock moves up to ₹2,090. Move the stop-loss further up to ₹2,080 when the price touches ₹2,110. Exit the longs at ₹2,140.
Today’s Stock Recommendation: 22nd April 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)