Trade Idea of The Day - Trent Limited Target Rs. 200 - Religare Broking Ltd
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Trent Limited
BUY 30 JUN 4200 PUT SELL 30 JUN 3900 PUT Entry Range 110-120 Target 200 Stop Loss 50
Rationale
• TRENT remains under selling pressure after facing repeated rejection near the 4400 zone. The prices has witnessing a decisive break below its 20-DEMA with lower-high formation on the daily chart, indicating a continuation of the corrective trend in the near term.
• Momentum indicators are also tilting in favour of bearish bias. RSI is hovering below the 50 mark with a downward bias, while MACD histogram has witnessed a bearish crossover, suggesting fading upside momentum and continued selling pressure.
• On the technical front, as long as the stock trades below 4200-4250 zone, the bearish bias is likely to persist. On the downside, 4000-3900 serves as immediate support zone, while a breach of this level trigger the further downtrend towards the 3800 zone in the near term.
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SEBI Registration number is INZ00017433
