Trade Idea of The Day - Shriram Finance Limited Target Rs.30 - Religare Broking Ltd
Shriram Finance Limited
BUY 27 OCT 960 PUT SELL 27 OCT 920 PUT Entry Range 15 – 18 Target 30 Stop Loss 12
Rationale
• On the daily chart, SHRIRAMFIN remains under sustained selling pressure, extending its corrective tone after facing rejection near the 20-DEMA zone aligned with the 1,000 zone.
• On the technical front, the stock price has been forming a lower-top, lower-bottom structure, indicating sustained bearish momentum in coming sessions.
• The RSI has fallen towards the 40 mark and remains below the neutral mark, reflecting subdued momentum. Meanwhile, the MACD histogram continues to be placed in negative territory, suggesting that the prevailing bearish trend remains intact despite a minor recovery attempt.
• The overall outlook remains cautious to bearish, and the 960-975 zone is likely to act as an immediate resistance area, where selling pressure may re-emerge.
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SEBI Registration number is INZ00017433
