Weekly Picks 13th March 2023

1.Trent Limited

Trent Limited was originally incorporated as Lakme Limited (“Lakme”) on December 5, 1952. Lakme was in the business of manufacturing, sale and export of cosmetics, toiletries, and perfumery products. In 1998, Lakme decided to divest from its cosmetics business and decided to pursue the field of apparel retailing, given the absence of established brands in most categories. It was decided that Lakme would establish a strong presence in the apparel and soft goods retailing market by opening a chain of departmental stores across the country.

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

• The counter oscillators on weekly charts indicate “positive bias.”
• The counter previous resistance zone between 1350-1250 (8-Apr-22) acts as immediate short-term support levels.
• The counter trading above 1250-1200 in short to mid-term holds a “range to positive” bias.
• On the higher end, trading above 1420 can attempt higher towards previous highs of 1575.
• The potential broad trading zone for the next few weeks can be between 1200 & 1500 with a “range to positive bias.”

Open Interest Study

(Source: Fisdom research)

• The March open interest study has maximum PE build-up at around 1300 Strike, indicating support.
• While on the higher end, the counter has maximum CE build-up at around 1400 & after that, the following 1500 levels can be considered potential targets

F&O Strategy

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2. Tech Mahindra Ltd

Tech Mahindra offers innovative and customer-centric digital experiences, enabling enterprises, associates, and the society to Rise for a more equal world, future readiness, and value creation. It is a USD 6+ billion organization with 157,000+ professionals across 90 countries helping 1290 global customers, including Fortune 500 companies.

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

Source: Fisdom Research

• The counter has consolidated between the 960 & 1160 zone for the last eight months.
• The counter made a “bullish engulfing” weekly candle a week before indicating bullish signals.
• Last week the counter retraced back to end at 1061 (spot levels).
• Technically, the counter can be looked for delivery, buying proportionately on dips towards 1040 & 1000 levels further once it sustains above 1100 levels for higher 1125 & major 1200 in the short-term, maintaining a stop below 960 on a weekly closing basis.

Open Interest

Source: Fisdom Research

• As per March OI the counter has maximum open interest PE at around 1000 levels while the maximum CE is at around 1100 which need to be held above it for fresh short-covering levels.

F&O Strategy

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