Apple India reseller Redington up 9% as iPhone 17 sales begin; chart check

Technical chart suggests Redington stock can potentially rally to ₹385 levels, implying an upside potential of 27 per cent from here; check key support, resistance levels.

Shares of Redington zoomed over 9 per to an intra-day high of ₹314.40 in Friday's trade as Apple iPhone 17 sale started in India.  Redington is one of the major resellers of Apple phones in India, which includes Croma, Vijay Sales and Reliance Digital. Redington and other retailers have launched an introductory offer on Apple iPhone 17, with no-cost EMI options, cash backs and exchange bonus.  Apple iPhone 17 prices in India range between ₹82,900 - ₹2,29,000. According to reports the base iPhone model in India is cheaper compared to countries such as Brazil and Turkey. READ MORE  Back on the bourses, Redington had pared gains, but still traded over 5 per cent higher at ₹303 in an otherwise market. In comparison, the BSE Sensex and the NSE Nifty were down close to 0.5 per cent each at 82,630 and 25,320 levels.  ALSO READ | GMR Airports, MGL, BoM among 5 stocks with trend line breakout; check TP  With today's gain, Redington has surged over 26 per cent so far in September. Can the stock extend the rally or will it falter? Here's a technical check on Redington stock. 

Redington stock outlook

  Redington  Current Price: ₹303  Likely Target: ₹385  Upside Potential: 27%  Support: ₹295; ₹274; ₹260  Resistance: ₹324; ₹334; ₹365  Redington stock had recently given a breakout above the 100-Day Moving Average (100-DMA) and the trend line resistance on the daily scale. At present levels, the stock is seen trading above the higher-end of the Bollinger Bands; thus implying a likely upbeat bias as long as the stock trades above ₹295. 

 

  On the upside, the stock can potentially surge to ₹385 levels, with interim resistance likely around ₹324 and the recent high of ₹334 and thereafter at ₹365 levels. In case of a downside, the stock is likely to seek support around its 100-DMA, which now stands at ₹274; while the broader trend is likely to remain favourable as long as the stock holds above ₹260 levels.