Trade Idea of The Day - TITAN Ltd Target Rs.55 - Religare Broking Ltd
TITAN Ltd
BUY 24 FEB 4220 CE SELL 24 FEB 4300 CE TITAN Ltd Entry Range 28 - 30 Target Range 55 Stop Loss 16
Rationale
* On the daily chart TITAN has maintaining a strong uptrend with consistently trading above its key moving averages. The recent price action shows a successful retest of 20-DEMA zone, confirm the near term bullish momentum.
* On the derivative front call unwinding at the 4200 strike indicates that short sellers are exiting their positions, expecting the stock to trade well above this level. This "short squeeze" potential provides a strong tailwind for a move toward 4300 mark, which has highest call OI.
* 14-Day RSI has hover near the 60 mark and the MACD histogram traded in the positive trajectory, indicating strength of prevailing trend and prices are expected to trade with upward momentum in the coming sessions.
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