Please check the daily chart of Relaxo footwear, the stock has given the clear breakout of 680 but close below the level. Nevertheless stock in bullish mode can be taken above 680 for next level of 715. once the stock cross the level of 720 than the target price is 765 in upcoming session. So add the stock in your watch list for next trading session.
1. Price took the reversal from 50% retracement level on day chart.
2. Doiji on day chart with volume indicate about to form shooting star formation on day chart.
3. SELL BELOW: 650 TARGET 639, 628, 625 SL : 668
Take your first tranche of position (30%) and once it closes above Span B, take your final tranche of position (100%). R:R with first tranche is 1:1 but as we move to the final tranche of position R:R would improve and from there start trailing SL with 8% gap. As we achieve targets, exit 30%, 30% and 40% respectively.
Relaxo Footwears Ltd (weekly chart) @ 464
SEEMS good to me with stop loss 430
Target expecting - 525 , 550
Relaxo Footwears is a market leader in the Footwear Industry. The company has 'state of the art' manufacturing facilities at Bahadurgarh (Haryana), Bhiwadi (Rajasthan) and Haridwar .
Company has reduced debt.
Company is virtually debt free.
Relaxo Footwears Ltd. engages in the manufacturing and sale of footwear products. Its brands include Hawaii, Flite, Sparx, Schoolmate, Boston, Casualz, and Bahamas. The company was founded in 1976 and is headquartered in Rohini, India.