Big movers on D-Street: What should investors do with Raymond, RBL Bank and AstraZeneca India?
Stocks that were in focus include names like Raymond, which rose 10%, RBL Bank, which fell 1.28%, and AstraZeneca India, whose shares declined 3.77% on Friday.
Here's what Pravesh Gour, Senior Technical Analyst at Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today.
Raymond
The counter has a strong bullish setup where it has given a breakout of flag formation on the shorter time frame, while on the long timeframe it is moving in the long uptrend channel formation.
The counter has formed a series of higher highs and higher lows, which is characteristic of an uptrend. This pattern indicates that buyers are willing to pay higher prices for the counter over time.
MACD (moving average convergence divergence) is supporting the current strength, whereas the momentum indicator RSI (relative strength index) is also positively poised.
On the upside, Rs 300 is a psychological resistance; above this, we can expect a move towards Rs. 320. On the downside, a cluster of moving averages at around Rs 235 is a strong demand zone during any correction.
RBL Bank
The counter is travelling in the long channel formation and trying to touch the lower line of the channel. The primary structure of the counter is bullish, it has found a base at around Rs 250.
MACD (moving average convergence divergence) is supporting the current strength, whereas the momentum indicator RSI (relative strength index) is also positively poised.
On the lower side, Rs 250 is acting as an important
