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Investors with a short-term perspective can consider buying the stock of Trident at current levels. The stock has gained 3.4 per cent taking support from a key base level of ₹83 as well as its 21-DMA poised at around this level, with an above average volume on Tuesday. Since taking support at ₹42 in early August 2016, the stock has been on a long-term uptrend. However, the stock encountered a vital resistance at ₹92 in May 2017 and was on a corrective decline till late June. The stock found support at ₹73 in early July and started to trend upwards. Since then, it has been on a short-term uptrend, backed with good volumes. Moreover, the stock appears to have resumed its long-term uptrend. It hovers well above its 21 and 50-day moving averages.
The daily and weekly relative strength indices are on the brink of entering the bullish zone from the neutral region. The price rate of change indicator feature in the positive terrain implying buying interest. The short-term outlook is bullish for the stock. It can extend its short-term uptrend and reach the price targets of ₹89 and ₹91 in the upcoming trading sessions. Buy the stock with a stop-loss at ₹83.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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