Trade Idea of The Day - MCX Ltd Target Rs. 80 - Religare Broking Ltd
MCX Ltd
BUY 28 JUL 3000 CALL Entry Range 60 – 68 Target 80 Stop Loss 55
Rationale
1. MCX is trading in a narrow consolidation range of 2800 to 2900 and appears to be on the verge of a decisive breakout. Recently the stock prices has reclaimed both the key moving averages of 20-DEMA and 50-DEMA, indicating improving short-term sentiment and strengthening buying interest.
2. The recent price action suggests accumulation at lower levels, with every dip attracting fresh buying. Sustaining above the 2900 zone may trigger a fresh upward move toward 3000 and higher levels in the coming sessions.
3. Momentum indicators are also showing improvement, as the RSI has moved above the 50 mark while the MACD histogram is witnessing a gradual recovery. This indicates that fresh positive momentum is building for the near term.
4. Overall, the technical structure remains constructive with a tight range breakout setup. A sustained move above the recent consolidation zone could attract fresh participation and support an extension of the ongoing recovery trend.
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