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Shares of the Raymond lost 11.75% in seven trading sessions from its recent closing high of Rs 1,901.10 on 12 November 2023.
On the BSE, 16,000 shares were traded in the counter so far compared with average daily volumes of 17,000 shares in the past two weeks.
The stock hit a 52-week high of Rs 2,240 on 5 September 2023. The stock hit a 52-week low of Rs 1,092.60 on 28 March 2023.
The stock had underperformed the market over the past one month, declining 5.40% compared with 0.94% increase in the Sensex.
The scrip had also underperformed the market in the past three months, tumbling 14.63% as against Sensex's 1.21% rise.
However, the counter had outperformed the market in the past one year, jumping 29.81% as against 7.48% increase in the Sensex.
On the technical front, the stock's daily RSI (relative strength index) stood at 33.143. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading below its 50-day and 100-day simple moving average (SMA) placed at 1,819.89 and 1,860.24 respectively. These levels will act as crucial resistance zones in near term.
Raymond is a leading manufacturer of worsted suiting fabrics and garments in India. It also has a presence in precision engineering products and real estate.
The company's consolidated net profit rose marginally to Rs 159.78 crore in Q2 FY24 as compared with Rs 158.85 crore in Q2 FY23. Net sales increased 3.9% YoY to Rs 2,253.40 crore in Q2 FY24.
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