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The uptrend in the stock of Trent has gained momentum. The strong 4.9 per cent rise on Monday confirms a triangle pattern on the daily chart. This is a continuation pattern indicating the resumption of the overall uptrend in the stock. Immediate support will be at ₹1,500; below that, ₹1,470 is the next strong support.
The stock has the potential to rise towards ₹1,610 and ₹1,660 over the next two-three weeks or even earlier. Traders with a short-term perspective can go long now and accumulate on dips at ₹1,505. Keep the stop-loss at ₹1,460. Trail the stop-loss up to ₹1,555 as soon as the stock moves up to ₹1,580. Move the stop-loss further up to ₹1,585 when the stock touches ₹1,605 on the upside. Book profits at ₹1,630.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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