Is Radio Khaitan Forming a Double Top?

RADICO
The charts suggest Radico Khaitan might be forming a Double Top pattern, indicating potential resistance ahead. Currently, it’s trading near the resistance level of 2425, but there's a good chance it could retrace back to the support zone around 2321 before attempting to break higher.

Interestingly, the stock is still making higher highs, maintaining its upward trend, and has not breached its previous higher low of 2200, established during the last reversal. This highlights a degree of strength in its price action, even amidst market fluctuations.

Given the current market sentiment, Radico Khaitan might remain in a consolidation phase, oscillating within the 2200 to 2500 range in the near term. However, one notable aspect is its valuation—it seems on the pricier side. Radico Khaitan has been the darling of multi-bagger hunters for a while now, which explains the premium investors are willing to pay.

For now, keeping a close eye on the 2200 support and 2425 resistance levels will be crucial to understand its next move. A breakout above 2425 might signal renewed bullish momentum, while a breakdown below 2200 could trigger a deeper correction.