Raymond shares zoomed 19% today; how strong is this upside?

Shares of Raymond Ltd recorded a sharp uptick in Tuesday's trade, surging 18.81 per cent to hit a high of Rs 1,459. Last checked, the stock was up 15.87 per cent at Rs 1,422.90. At this price, it has slipped 15.96 per cent in the calendar year 2025 so far.

The scrip saw high trading volume on BSE as around 1.34 lakh shares changed hands today at the time of writing this story. This figure was higher than the two-week average volume of 25,000 shares. Turnover on the counter came at Rs 18.44 crore, commanding a market capitalisation (m-cap) of Rs 9,472.78 crore. There were 14,733 buy orders against sell orders of 14,460 shares.

An analyst said the stock looked 'bullish' in the near term while another suggested that it presents an attractive risk-reward setup. With that being said, Rs 1,220 would be a strong support level for Raymond.

Sebi-registered research analyst AR Ramachandran said, "Raymond stock price is bullish on daily charts. A daily close above the resistance of Rs 1,440 could lead to an upside target of Rs 1,600 in the near term."

Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst at StoxBox, said, "The recent volume breakout indicates renewed buying interest, making it a promising buy-on-dip candidate. If the stock sustains above Rs 1,320, it has potential to move toward Rs 1,600-1,680 levels in the medium term. For a bullish view to remain intact, the scrip must hold above Rs 1,320. A breakdown below this level could weaken the uptrend. With strong support at Rs 1,220, Raymond presents an attractive risk-reward setup for mid-term gains."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi, said, "Support will be at Rs 1,370 and resistance at Rs 1,460. A decisive move above Rs 1,460 level may trigger a further upside towards Rs 1,500. The expected trading range will be between Rs 1,350 and Rs 1,500 in the short term."

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Raymond has experienced a significant rise in both price and volume after a prolonged corrective phase. Currently, the support levels placed at Rs 1,320-1,300, followed by the crucial support at Rs 1,200, are likely to provide a cushion for the price. On the other hand, there are multiple resistance levels to watch in the Rs 1,500-1,620 range in the near term."

Technically, the counter traded higher than the 5-day, 10-, 20-day and 30-day simple moving averages (SMAs) but lower than the 50-day, 100-, 150-day and 200-day SMAs. The 14-day relative strength index (RSI) came at 56.75. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 1.04 against a price-to-book (P/B) value of 2.96. Earnings per share (EPS) stood at 1,368.94 with a return on equity (RoE) of 283.97. According to Trendlyne data, Raymond has a one-year beta of 1.3, indicating high volatility.

As of December 2024, promoters held a 48.87 per cent stake in the company.