RAYMENDLSL BUY POSTION CALL

 

Technical View:

Trend: The stock is in a clear downtrend, making lower highs and lower lows.

Fibonacci Retracement Levels:

0.786 (₹1,295.35) is acting as the closest support.

Other key retracement levels are ₹1,770, ₹2,104, and ₹2,439.

Support Levels:

Immediate Support: ₹1,183 (current level)

Next Support: ₹1,150-1,100 zone (psychological level)

Resistance Levels:

Immediate Resistance: ₹1,295 (Fibonacci 0.786 level)

Next Resistance: ₹1,498-1,770 (Fib 0.618)

Major Resistance: ₹2,075-2,414 (Fib 0.5 & 0.382 levels)

Relative Strength Index (RSI):

RSI is 21.01, which is in oversold territory. A potential short-term bounce could be expected.

Volume: Low trading volume, indicating weak buying interest.

Short-Term View (Next Few Weeks)

Trend: Bearish, but a short-term bounce possible due to RSI oversold condition

Target: ₹1,295 - ₹1,350 if a bounce occurs.

Stop Loss: ₹1,150 (break below could lead to ₹1,100).

Strategy: Avoid fresh longs until confirmation of reversal. A bounce from ₹1,183-₹1,200 could be a short-term opportunity.

Medium-Term View (1-3 Months)

Trend: Still bearish, needs to break above ₹1,498-₹1,770 to confirm trend reversal.

Target: ₹1,498 - ₹1,770 (Fib 0.618 zone).

Stop Loss: ₹1,100.

Strategy: If the stock reclaims ₹1,498, it can test ₹1,770. Break above ₹1,770 could lead to a reversal.

Long-Term View (6-12 Months)

Trend: Weak, but reversal possible if ₹1,770-₹2,075 is breached.

Target: ₹2,075 - ₹2,414 (Fib 0.5 & 0.382).

Stop Loss: ₹1,000 (if the downtrend extends further).

Strategy: Accumulate only above ₹1,770 for long-term targets.

Final Technical Outlook

Bearish below ₹1,295, cautious approach needed.

A short-term bounce is likely due to RSI oversold.

Sustained move above ₹1,770 confirms trend reversal.

Break below ₹1,100 could see more downside.