Trade Idea of The Day - Trent Ltd Target Rs. 75 - Religare Broking Ltd
.jpg)
Trent Limited
BUY 28 JUL 2860 PUT SELL 28 JUL 2760 PUT Entry Range 32 – 35 Target 75 Stop Loss 18
Rationale
1. On the daily timeframe TRENT has traded below its key moving averages of 20-DEMA and 50-DEMA, indicating weakening short-term momentum and a shift in trend.
2. The key momentum Indicators, RSI has hover below the 40 mark, reflecting fading buying strength, while the MACD remains in a bearish crossover with a negative histogram, confirming downside momentum.
3. From the technical prospective immediate resistance is placed in the 2920–2950 zone. Unless this range is decisively reclaimed, every pullback is likely to attract fresh selling. The downside cushion is placed near the 2750 zone.
4. The overall bias remains bearish, so the traders may adopt a sell-on-rise approach with a bear put spread, where a buying can be initiate in the ATM PE with the selling in the PE of immediate support area.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
