Raymond share price: Big Movers on D-St: What should investors do with Raymond, MTAR Technologies & Tejas Networks?

Raymond share price: Big Movers on D-St: What should investors do with Raymond, MTAR Technologies & Tejas Networks?

Domestic markets snapped an 8-day winning streak to close in the red on Friday. The S&P BSE Sensex fell more than 400 points while the Nifty50 closed below 18,700 levels.

Sectorally, buying was seen in realty, telecom, and metal stocks while selling was recorded in power, auto, utilities and FMCG stocks.

Stocks that were in focus include names like

which was up nearly 18%, which gained over 8%, and fell a little over 3% on Friday.

Here’s what Pravesh Gour, Senior Technical Analyst,

at recommends investors should do with these stocks when the market resumes trading today:

Raymond: Buy

The counter is in a classical uptrend, as it has broken a long consolidation with massive volume. The overall structure of the stock looks lucrative as it is trading above its all-important moving averages.

On the shorter time frame, there is a multi-month breakout, which suggests much more upside potential in this counter.

The momentum indicator, RSI, is trading above the 60-mark with a positive bias, whereas MACD has already witnessed a centerline crossover.

On the upside, Rs 1800 will be an immediate hurdle, but 2000 looks like an imminent target in the near-to-short term. On the downside, the Rs 1400 level is a strong support level in any correction.

MTAR Technologies: Buy

The counter has come out of long-range consolidation since Aug-22 with massive volume. It is ready to start a new leg of the rally in the near term.

After declining to stage 4 and starting a long base formation of stage 1, which is the stage where the base forms after a decline in the stock price.

The longer the horizontal base, the better. A long base will establish a more significant support level, and the ownership of the stock will transfer from weak hands to strong hands.

On the upside, Rs 2000 is the immediate psychological resistance at any upward move, but if it can hold the Rs 2000 level, we could see Rs 2400 levels in the near to short term.

On the downside, a cluster of moving averages around Rs 1550 will act as strong support.

Tajas Networks: Buy

On the daily timeframe, the counter is forming an inverse head and shoulder pattern. The overall structure is remunerative as it trades above its all-important moving averages.

The pattern suggests an immediate target of Rs 700, while it has the potential to move further upside to Rs 764 levels. On the downside, Rs. 590 will act as an immediate support level.

MACD (moving average convergence and divergence) are supporting the current strength.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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