Trade Idea of The Day - Shriram Finance Ltd Target Rs.32 - Religare Broking Ltd
Shriram Finance Ltd
BUY 27 OCT 960 PUT Entry Range 15 – 18 Target 32 Stop Loss 10
Rationale
• On the weekly timeframe, stock prices have decisively broken below the primary ascending support line aligned with the 980-1000 zone, indicating a shift in the near-term trend.
• SHRIEAMFIN is currently trading below its 20-WEMA, and sustained trading below this 1000 mark may keep the bearish bias intact, with downside potential of the 950-940 zone (50-WEMA).
• The key momentum indicator, RSI, dropped below the pivotal 50 mark, signaling that sellers are taking firm control of medium-term momentum. A sustained close below the 950 mark confirms the robust structural weakness on the broader timeframe.
• The MACD histogram traded in a negative trajectory with a bearish crossover on the weekly chart, reflecting accelerating downside momentum and reinforcing the high likelihood of continued bearish momentum.
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SEBI Registration number is INZ00017433
