Trade Idea of The Day - Oberoi Realty Ltd Target Rs.45 - Religare Broking Ltd
Oberoi Realty Ltd
BUY 30 MAR 1460 PUT SELL 30 MAR 1400 PUT Oberoi Realty Ltd Entry Range 22 - 25 Target Range 45 Stop Loss 10
Rationale
* On the daily chart OBEROIRLTY has remained under pressure, indicated by sustained trading below the 20-DEMA and 50-DEMA. The inability to reclaim the 1460-1480 zone reflects weak momentum and continued seller dominance.
* On the technical front prices are forming lower highs and lower lows, signalling a clear bearish structure. Any minor pullback is likely to face resistance near the falling moving averages.
* The key trend indicator, 14-day RSI is hovering below the 40 mark, suggesting lack of strength and no signs of bullish reversal, keeping the bias strongly negative.
* MACD histogram remains in the negative territory with a sustained bearish crossover, indicating weak momentum with a breakdown below 1400 may trigger further downside towards 1360-1350 levels.
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