Trade Idea of The Day - Trent Ltd Target Rs. 80 - Religare Broking Ltd
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Trent Ltd
BUY 27 OCT 2800 PUT SELL 27 OCT 2700 PUT Entry Range 38 - 44 Target 80 Stop Loss 28
Rationale
• On the daily chart, TRENT has witnessed fresh rejection near its key moving averages of 20-DEMA and 50-DEMA, signaling a shift from a bull trend into a short-term bearish phase.
• On the broader timeframe, after its July peak near 3,400, the stock formed a lower high in August around 3,200 and continues to exhibit lower lows, indicating persistent selling pressure.
• The key momentum indicator RSI is hovering below the 40 mark, reflecting weakening momentum and room for further downside before hitting oversold territory.
• The MACD histogram is trading in a negative trajectory with a fresh bearish crossover, confirming sustained downward momentum and lack of immediate buying support.
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SEBI Registration number is INZ00017433
