MTF Stock Pick - Buy Trent Ltd For Target Rs. 825 - HDFC Securities
The sharp trended decline in TRENT seems to have completed, as the stock price has bounced up from the lower support of Rs 700 levels in this week.
We observe a formation of bullish hammer type weekly candle pattern in last week and upside bounce in this week which signal bottom reversal in the stock price around Rs 700.
We also observe a larger degree positive sequence like higher tops and bottoms over the last few months.
The recent swing low of Rs 689-12th April could be considered as a new higher bottom of the sequence.
Weekly 14 period RSI shows positive indication. Hence, one may expect further strengthening of upside momentum in the stock price ahead.
The overall chart pattern of TRENT indicate long trading opportunity. One may look to create a positional long as per the levels mentioned above.
Buy Trent Ltd Up to 3 months @ 757-705 CMP 750.20 TGT 825 SL 690
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