It looks like uptrend in Relaxo Footwear is over and the stock given close just 4 points above the support line. is in the overbought zone so we are expecting more profit booking as stock already is in downtrend from last 5 sessions. We are expecting the stock to come till the which is placed at ₹828.55. 21DEMA is at right below the buying zone.
The stock had given an breakout last month and since then it was moving up in continuous pace.