Trade Idea of The Day - Trent Limited Target Rs. 145 - Religare Broking Ltd
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Trent Limited
BUY 24 FEB 3950 CE SELL 24 FEB 4150 CE Trent Limited Entry Range 75-85 Target Range 48 Stop Loss 145
Rationale
* On the daily timeframe TRENT has reclaimed its key short term moving average of 20-DEMA, indicating a potential trend reversal and strengthening price structure for the near term.
* On the derivative front Long buildup is evident, with price rise supported by increase in open interest, suggesting fresh long positions
* On the daily chart MACD histogram exhibits a bullish crossover or we can say positive convergence, highlighting improving momentum and confirmation of reversal bias.
* 14-Day RSI hovered near the 60 mark, signalling rising strength; sustaining above the EMA may lead to further upside traction and could witnessed a fresh breakout from the falling trendline resistance near 4150 mark.
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SEBI Registration number is INZ00017433
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