Trade Idea of The Day - Trent Ltd Target Rs. 160 - Religare Broking Ltd
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Trent Ltd
BUY 30 JUN 3000 CALL SELL 30 JUN 3300 CALL Entry Range 75 - 80 Target 160 Stop Loss 45
Rationale
1. TRENT has delivered a strong recovery with reclaiming its long term moving average of 100-WEMA, accompanied by a sharp rise in volumes, indicating renewed strength. On the shorter time frame, prices are currently trading above its 20-DEMA and 50-DEMA, reinforcing the near term positive trend structure.
2. From a technical perspective, a healthy retest of the 3000 zone cannot be ruled out. Such a pullback would help cool off the elevated RSI treading near the overbought territory while allowing the broader uptrend to remain intact.
3. Momentum indicators continue to favour the bulls. On the daily timeframe MACD histogram has witnessed a fresh bullish crossover, signalling accelerating upside momentum for the upcoming sessions.
4. Overall, the breakout above 3000 has pave the way for further upside towards the immediate resistance zone of 3300 and than 3500. So a buy on dip setup looks prudent, to capitalize on this bullish structure
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