Raymond Ltd. – Channel Support & Resistance

Raymond has carved out a clear long-term rising channel (orange), with price oscillating between the lower trendline (series of higher lows) and the upper boundary (series of lower highs into late 2024). After breaking down in late 2024, the stock recaptured the channel mid‐line and has since held above key support—setting the stage for the next directional move. Key Technical Levels Level Type ₹634.30 Immediate resistance (recent swing high) ₹675–700 Channel top (supply zone) ₹587–571 Near-term support (horizontal & channel mid-line) ₹530.45 Major support (former resistance turned support) ₹500 Lower channel line (long-term support) Technical Takeaways Rising Channel: The long‐term orange channel provides context: buyers have historically stepped in near the lower line (₹500), while sellers emerge near the top (₹700). The mid‐line at ₹587–571 has already acted as support after the recent rally. Horizontal S/R: – Support at ₹587–571 (confluence of mid-channel and prior swing lows) – Resistance at ₹634.30, the last weekly high. A close above this level would shift focus toward the channel ceiling. Volume: The bounce off ₹530 saw above‐average volume, signaling genuine demand. A fade on low volume into ₹634 would signal exhaustion. Trading Plan Bullish Scenario Entry: Above ₹640 weekly close. Target: ₹675–700 (channel top). Stop-loss: Below ₹620. Conservative Re-Entry Wait for pullback into ₹587–571. Confirmation: A bullish weekly reversal candle. Stop-loss: Below ₹570. Bearish Risk Break & close below ₹530. Target: Lower channel support near ₹500. 📢 Disclaimer: This is for informational purposes only. Nothing herein constitutes a buy or sell recommendation. I may or may not be holding a position in the stock mentioned. 🧑‍💼 Rajneesh Sharma is a SEBI-registered Research Analyst (Reg. No. INH000020332). 📄 Investments are subject to market risks. Read all related documents carefully before investing.