Trade Idea of The Day - Tata Consumer Products Ltd Target Rs. 35 - Religare Broking Ltd
Tata Consumer Products Ltd
BUY 29 SEP 1050 PUT SELL 29 SEP 1000 PUT Entry Range 13 – 16 Target 35 Stop Loss 5
Rationale
• TATACONSUM continues to exhibit a bearish setup on the weekly chart, with price trading below the key moving averages of 20-WEMA and 50-WEMA, indicating persistent selling pressure.
• On the technical front, the stock has formed lower highs and lower lows, while the descending trendline continues to cap the upside momentum towards the 1100 zone.
• The key momentum indicator, 14-Day RSI hovering below the 40 mark, reflecting weak momentum and limited buying strength.- MACD remains in negative territory, with the histogram indicating bearish momentum.
• Sustained trading below the 1060-1070 zone could trigger further downside towards the 1000-980 zone. Any pullback towards the immediate resistance zone of 1100 may attract fresh selling opportunity. However, the bearish view would weaken only if the stock decisively reclaims the moving averages with volume.
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SEBI Registration number is INZ00017433
