Relaxo A long Term Play Presently at sweet position - Accumulate

2022年5月18日

Relaxo Footwear has been constantly falling for some time with today's Low of around 1005, The counter is seeking support at around 1010 - 1011 Levels. The Q4 results have not been so good for the counter. Both Sales and and Net profit have fallen both on QoQ AND YOY Basis. The stock may fall further to take support at 0.5% Fib. Levels i.e around 974 to 975 Levels if the negativity in the market continues. Higher input cost , Lock down combined with the geopolitical scenario, Highs Inflation and recent steps by RBI to control it may further drag the counter. The stock is good for long term and the present correction must be seen as an opportunity to take new position or accumulate the stock. The RSI is at 32.15 and MACD also shown existing weakness. Sincerely one must start adding the counter at these levels.


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