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The stock of Raymond isan uptrend since May 2020 when it started to rally from ₹215. After cracking the resistance of ₹500 in November 2021, the rally accelerated. As it continued to head north, the scrip breached important hurdles at ₹800 and ₹870 over the past three weeks. It closed at ₹954.6 on Tuesday and seem to be more fuel left in the up move. That is, most probably hit ₹1,000 in one or two trading sessions.
So, participants looking for intraday opportunities on Wednesday can shortlist Raymond for trading. We recommend going long at Tuesday’s closing level i.e., 954. Place stop-loss at ₹920 and exit the stock when the price hits ₹1,000. Because there could be some profit booking at that level, which can weigh on the stock price. In case if the Raymond opens below ₹920, refrain from trading. On the other hand, if there is a gap-up open, wait for the price to moderate to ₹954 and then go long.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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