Raymond: A picture-perfect stitch for momentum traders!
This stock is displaying blockbuster performance just like the superb run seen at the box office by RRR movie.
Wednesday has turned out to be wonderful for the bulls on D-Street as after opening the session with a gap-up, the benchmark indices have extended their morning gains and have been trading near the day’s high. The Nifty has gained nearly 1% and is inching closer to the 17,500 mark. Meanwhile, the performance from the broader market is buoyant as well, with Nifty Smallcap 100 index outperforming the frontline indices as it has jumped over 1.25%. Nifty Midcap 100 index has advanced 0.71%.
Amidst the buoyancy witnessed on the D-Street, there is one stock that is displaying blockbuster performance just like the superb performance seen at the box office by RRR movie. Coincidently this company name starts with R as well. Without further ado, we will reveal the name of the company, and it is Raymond.
The stock of Raymond has soared nearly 10% and has registered a fresh 52-week high on NSE. With this robust up-move, the stock has registered a breakout of the broad trading range which was seen since January last week. The trading range was almost 21%. Interestingly, during this broad trading range period, the stock made a strong base around the 100-EMA.
On the daily chart, the stock has a sizeable bullish candle and the volume for the day is the highest since January 27, 2022. As the stock is trading at a fresh 52-week high, it is trading above its important short- and long-term moving average and all of them are trending up. At the same time, there it is in the desired sequence. It is also meeting Guppy Multiple Moving Average (GMMA) set up by Daryl Guppy. This structure indicates that the stock is in a clear uptrend.
The stock's Relative Strength Index (RSI) has reached its highest value in the last 14-days, which is bullish. Also, it has managed to close above its prior swing high and is above the 60-mark. The daily MACD stays bullish as it is trading above its zero line and signal line. The MACD histogram is suggesting a pickup in upside momentum. The +DMI is above -DMI and ADX frame and an uptick in ADX indicates improvement in the trend strength.
Hence, this stock can be a perfect stitch for momentum traders.
Also read: Top buzzing stock: Sharma Cropchem Ltd
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