Trade Idea of The Day - Mazagon Dock Shipbuilders Ltd Target Rs. 115 - Religare Broking Ltd
Mazagon Dock Shipbuilders Ltd
BUY 30 JUN 2360 PUT Entry Range 65 – 73 Target 115 Stop Loss 45
Rationale
1. MAZDOCK continues to trade in a narrow consolidation range and has now slipped below the recent support zone, indicating a range breakdown. The stock remains under sustained selling pressure, reflecting weakening market participation and a cautious undertone.
2. Price action is consistently facing resistance near the 20-day EMA, highlighting the inability of bulls to reclaim key moving averages. As long as the stock remains below this level, recovery attempts are likely to attract fresh selling interest.
3. Momentum indicators remain unfavourable, with RSI hovering below 40 mark, reflecting weak buying strength and a lack of bullish conviction. Additionaly MACD histogram continues to trade in negative territory with a bearish crossover intact, suggesting downside momentum remains dominant.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
