RAYMOND LTD (NSE: RAYMOND) is about to break to the upside Right now, it is completing a descending trendline breakout, which is a bullish pattern.
All important levels have been marked on the chart.
Looking at the chart, we can say that if the price breaks to the upside, there is a high probability that the stock will reach the ₹2,318 target.
For the past few days, volume has also been quite good. If we enter the stock at ₹1,538, we can achieve the target with
Risk: Reward :: 1 : 3.73.
Reasons:
✅ Descending Trendline Breakout
✅ Support at ₹1,426 holding strong
✅ Wait for RSI to cross 65 for confirmation
✅ Successful breakout attempt after months of downtrend
✅ High volume surge, indicating strong buying interest
✅ Price > 50-day & 200-day EMA (bullish signal)
Verdict:
Bullish
Plan of Action:
Enter once the breakout is confirmed to the upside.
BUY: ₹1,538
Stoploss: ₹1,426
Target: ₹2,318
Trailing SL: ₹50
