Trade Idea of The Day - Shriram Finance Ltd Target Rs. 30 - Religare Broking Ltd
Shriram Finance Ltd
BUY 30 JUN 900 PUT SELL 30 JUN 860 PUT Entry Range 15 – 16 Target 30 Stop Loss 9
Rationale
• SHRIRAMFIN continues to exhibit a weak price structure as the stock remains below both the 20-DEMA and 50-DEMA, indicating a sustained downtrend. Repeated failures to sustain above key moving averages reflect the absence of strong buying interest.
• The RSI has hover below the 40 mark, suggesting weak momentum. The indicator has not shown any meaningful recovery, highlighting the dominance of sellers in the current trend.
• The MACD histogram continue with the bearish crossover. The subdued histogram further indicates that bearish momentum continues to prevail without any signs of a trend reversal.
• As long as the prices trades below the 900, immediate resistance zone, the bearish outlook is likely to persist. Immediate support is placed near 860, and a decisive breakdown below this level could accelerate the selling pressure.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
