BIG Breakout: Small-Cap Rallies 7% to Break Trendline!

  • Stock Market Analysis

Although the broader market is flat for the day so far, the share price of Raymond Limited (NS: RYMD ) is on a roll. The company is a well-known apparel company with a market capitalization of INR 11,787 crore and trades at a P/E ratio of a mere 7.35.

If you look at the Financial Health of the stock in InvestingPro+, the counter has received a very good rating of 4 out of 5. Any rating at 3 or above (the higher the better) is suggested for any stock to be added to the portfolio.

Image Source: InvestingPro+

Now coming to the technical setup, the stock rose over 6.3% to INR 1,883, by 11:10 AM IST and surged past its falling trendline resistance on the daily time frame. The breakout seems healthy as the volume pickup is also there.

Image Description: Daily chart of Raymond with volume bars at the bottom

Image Source: Investing.com

As of writing, the stock witnessed a volume of a total of 1.17 million shares, which is the highest one-day figure since 15 January 2024. So clearly the investors’ demand is there which might further propel the stock to higher levels once a closing above this resistance level is seen.

On the upside, INR 2,000 could be looked upon as the first level to book long positions.

-----------------------------------------------------------------

X (formerly, Twitter) - aayushxkhanna

Now get an additional 10% discount over and above the current discounted price for any Pro/Pro+ plans by using the coupon code: PROC324 by clicking on the link: https://in.investing.com/pro/pricing

To know more about InvestingPro+, here's the video:

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
  • kadar supermarket @kadar supermarket
    sir can you help me to find support of nhpc ...please 😁
    Like 0
  • Shreekant Malekar @Shreekant Malekar
    Hi Sir, Could you help me to find out Support of Sandur Manganese.. please🙏
    Like 0
  • Bharath Kumar @Bharath Kumar
    How is this small cap company?
    Like 0
    • Aayush Khanna @Aayush Khanna
      @Bharath Kumar  Because its market cap isn't in the top 250.
      Like 0
    • Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

      Error: File type not supported

      Drop an image here or

      100

Related Articles