Trade Idea of The Day - Nestle India Ltd Target Rs. 30 - Religare Broking Ltd
Nestle India Ltd
BUY 24 FEB 1300 CE SELL 24 FEB 1340 CE Entry Range 13 - 15 Target Range 30 Stop Loss 6
Rationale
* On the daily chart NESTLE has taken support near the lower trendline of the rising wedge pattern, which also aligned with the 50-DEMA, indicating a base formation after recent consolidation.
* The recent pullback shows signs of selling exhaustion, with higher lows intact, suggesting a potential reversal from support rather than break down of wedge pattern.
* RSI is hovering around the 50–55 zone and turning upward, reflecting improving momentum and scope for further upside towards the immediate resistance
* On the derivative front call unwinding witnessed at the 1300 level, confirm the bullish reversal, opening room for a continuation toward the 1350 mark, where major call OI has placed.
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SEBI Registration number is INZ00017433
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