Potential Trade analysis for Trident for Target 🎯 of 2 times ..
Potential targets for Trident Ltd.:
### Entry Point (Buy):
- **Buy Price**: Considering the support at INR 39.50 and the rebound witnessed at this level, you might consider entering near this price, provided the stock shows signs of stability or upward momentum. Wait for a confirmation of reversal, like a bullish candlestick pattern or increased volume on up days.
### Stop Loss (SL):
- **Stop Loss**: Setting a stop loss slightly below the recent support level at INR 34.45 can help mitigate the risk. A reasonable stop loss could be around INR 33.50, providing enough buffer to account for usual market fluctuations without exiting the position too early on minor dips.
### Price Targets:
1. **First Target (T1)**: The first target could be set near the previous resistance level, around INR 50.00, which has acted as a barrier in the recent past.
2. **Second Target (T2)**: If the momentum continues and the stock breaks past INR 50.00, the next target could be around the INR 59.25 to INR 70.20 range, where the stock has previously encountered resistance.
### Trade Rationale:
- **Entry**: The rationale for entry near INR 39.50 is due to its historical support, where the stock has rebounded previously, indicating buying interest.
- **Stop Loss**: The stop loss at INR 33.50 provides a safeguard against potential downward trends and is below a significant support level to account for volatility.
- **Targets**: The targets are based on historical resistance points where the stock has faced selling pressure, making them logical points to take profits.
These trade levels are suggestive and depend on continuous monitoring of the stock’s performance and overall market conditions. Adjustments may be necessary based on new data and market movements.
### Entry Point (Buy):
- **Buy Price**: Considering the support at INR 39.50 and the rebound witnessed at this level, you might consider entering near this price, provided the stock shows signs of stability or upward momentum. Wait for a confirmation of reversal, like a bullish candlestick pattern or increased volume on up days.
### Stop Loss (SL):
- **Stop Loss**: Setting a stop loss slightly below the recent support level at INR 34.45 can help mitigate the risk. A reasonable stop loss could be around INR 33.50, providing enough buffer to account for usual market fluctuations without exiting the position too early on minor dips.
### Price Targets:
1. **First Target (T1)**: The first target could be set near the previous resistance level, around INR 50.00, which has acted as a barrier in the recent past.
2. **Second Target (T2)**: If the momentum continues and the stock breaks past INR 50.00, the next target could be around the INR 59.25 to INR 70.20 range, where the stock has previously encountered resistance.
### Trade Rationale:
- **Entry**: The rationale for entry near INR 39.50 is due to its historical support, where the stock has rebounded previously, indicating buying interest.
- **Stop Loss**: The stop loss at INR 33.50 provides a safeguard against potential downward trends and is below a significant support level to account for volatility.
- **Targets**: The targets are based on historical resistance points where the stock has faced selling pressure, making them logical points to take profits.
These trade levels are suggestive and depend on continuous monitoring of the stock’s performance and overall market conditions. Adjustments may be necessary based on new data and market movements.