Raymond share price today: The multibagger stock is witnessing profit-booking in the current session. At 1:15 pm, the stock was down 6.20% to Rs 1610 on BSE. Shares of Raymond Ltd have slipped over 7% a day after the stock hit a 52-week high on Godrej Consumer Products acquiring the fast-moving consumer goods (FMCG) business of Raymond Consumer Care for Rs 2,825 crore. The stock fell today after gaining for 10 straight sessions.
However, the stock is trading in the overbought zone with a relative strength index (RSI) of 83. In the last ten sessions excluding the current session, the stock zoomed 32% rising to Rs 1717 on April 27 from Rs 1302 on April 12, 2023.
Despite the current fall, the stock has gained 45.33% in a month and zoomed 94% in a year. In a period of three years, the Raymond stock has delivered 575% returns for investors.
The multibagger stock is witnessing profit-booking in the current session. At 1:15 pm, the stock was down 6.20% to Rs 1610 on BSE. The Raymond stock opened lower at Rs 1710 today. It hit an intraday low of Rs 1590.80, slipping 7.37% against the previous close on BSE.
Total 0.92 lakh shares of the firm changed hands amounting to a turnover of Rs 14.93 crore in the noon session. Shares of Raymond have risen 9.17 per cent in 2023. The market cap of Raymond Ltd fell to Rs 10,659 crore on BSE. The stock hit a 52-week low of Rs 738.95 on May 12, 2022 .
In terms of technicals, the relative strength index (RSI) of Raymond stock stands at 83, signaling it's trading the overbought zone. Raymond stock has a one-year beta of 1.2, indicating very high volatility during the period. Raymond shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Pravesh Gour, Senior Technical Analyst at Swastika Investmart, said, "Raymond has shown a V-shaped recovery from the last breakout level at Rs 1,100-1,150. The overall structure of the stock looks lucrative, as it is trading above its all-important moving averages. On the higher side, Rs 1,750 is acting as an important psychological level. Above this, we can expect a level of Rs 1,800-plus in the near-short term, while on the lower side, it has already given a big move in April. So, support will come at around Rs 1,550 level."
Abhijeet from Tips2trades said, "With the news of Godrej Consumer acquiring the Raymond consumer business, the Raymond stock price has continued its strong uptrend but is also very overbought with strong resistance at Rs 1835 on the Daily charts. Investors should book profits at current levels as Daily close below support of Rs 1626 could lead to targets of Rs 1522-1420 in the near term."
The company operates in the textile and apparel sector and other segments like consumer care, realty and engineering.