Trade Idea of The Day - Shriram Finance Ltd Target Rs. 38 - Religare Broking Ltd
Shriram Finance Ltd
BUY 29 SEP 1020 CALL Entry Range 9 -12 Target 38 Stop Loss 4
Rationale
• On the daily chart, stock prices are holding above their long-term ascending trendline and the 200-DEMA zone, which aligns with the 970-980 zone, indicating an immediate base formation.
• The key momentum indicator, 14-Day RSI, reached an oversold trajectory, signaling extreme seller exhaustion after a sharp decline below the 1,000 level, which has set up a strong relief rally in the coming sessions.
• On the technical front, sustained trading above the 1,000 mark triggered an immediate recovery test towards the overhead 100-DEMA resistance zone of 1040-1050.
• However, a decisive move above the immediate resistance zone confirms a complete bullish reversal and opens clear room for a continued momentum rally toward the 1090-1120 zone.
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