Trade Idea of The Day - Grasim Industries Ltd Target Rs.75 - Religare Broking Ltd
Grasim Industries Ltd
BUY 23 NOV 3100 CALL SELL 23 NOV 3200 CALL Entry Range 30 – 35 Target 75 Stop Loss 10
Rationale
• GRASIM has witnessed a strong recovery from its recent swing low near the 2,850–2,880 zone, forming a bullish reversal structure after prolonged consolidation. The stock has gained momentum and recently reclaimed its short-term moving averages.
• From a technical perspective, the stock has shown resilient trading above its 20-DEMA as well as 50-DEMA around the 3,000 mark, indicating improving near-term strength. A sustained move above this average could reinforce the ongoing recovery and attract fresh buying interest.
• Going ahead, the immediate hurdle remains around 3,200-3,250. A sustained breakout above this zone could extend the recovery towards the 3,300- 3,350 zone. The 3,000-3,020 zone is likely to act as immediate support, favoring a buy-on-dips approach.
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SEBI Registration number is INZ00017433
