Trident shares surged on December 10, 2024, witnessing a strong bullish momentum in the market. The stock price increased by 4.37%, reaching ₹39.67 per share, compared to the previous close of ₹38.01. This marks a significant rebound for the stock, gaining 54% year-to-date and a remarkable 220% rise from its 52-week low of ₹31.06.
Key Performance Metrics
Trident shares showcased remarkable performance in today’s trading session. Below are the key metrics
Stock Price Highlights
- Current Price: ₹39.67
- Previous Close: ₹38.01
- Day’s High/Low: ₹40.17 / ₹38.73
- 52-Week High/Low: ₹52.85 / ₹31.06
Market Capitalization
- Market Cap: ₹20,103.55 crore
A significant indicator of Trident’s valuation and its standing in the stock market.
Trading Volume
- Total Traded Volume (BSE): 9.58 million shares
- Total Traded Volume (NSE): 218 million shares
The trading volume on December 9 was 1,297.24% higher than the 20-day average, signaling increased investor interest.
Support and Resistance Levels
Derived from classic pivot table analysis:
| Resistance Levels | Price (₹) | Support Levels | Price (₹) |
|---|---|---|---|
| Resistance 1 | 39.92 | Support 1 | 35.06 |
| Resistance 2 | 42.03 | Support 2 | 32.31 |
| Resistance 3 | 44.78 | Support 3 | 30.20 |
Growth Overview
- Year-to-Date (YTD) Growth: +54%
- Gain from 52-Week Low: +220%
- One-Year Change: +3.66%
Peer Performance
Comparison with similar stocks:
| Stock | Price (₹) | % Change | Market Cap (₹ Crore) |
|---|---|---|---|
| K P R Mill | 1,015.65 | +0.98% | 34,716.34 |
| Garware Technical Fibres | 4,819.25 | -0.11% | 9,820.75 |
| Arvind | 399.10 | +0.40% | 10,436.36 |
Technical Trend
- Trend Outlook: Bullish
- The stock is positioned near a key resistance level (₹39.92) that could trigger a breakout if surpassed.
This robust performance positions Trident as a stock to watch closely in the coming sessions.
Support and Resistance Levels
The support and resistance levels are critical indicators used to analyze Trident’s share price movements. These levels are derived using classic pivot table analysis and provide insights into potential breakout or pullback zones.
Support Levels
| Level | Price (₹) |
|---|---|
| Support 1 | 35.06 |
| Support 2 | 32.31 |
| Support 3 | 30.20 |
- Support 1 (₹35.06): Indicates the first level of downward price cushion; a key marker to observe if prices start declining.
- Support 2 (₹32.31): Represents the next safety net; significant for longer-term investors.
- Support 3 (₹30.20): A critical level; breaching this may signal a bearish trend.
Resistance Levels
| Level | Price (₹) |
|---|---|
| Resistance 1 | 39.92 |
| Resistance 2 | 42.03 |
| Resistance 3 | 44.78 |
- Resistance 1 (₹39.92): The first ceiling for price movement; breaking this level may lead to a bullish breakout.
- Resistance 2 (₹42.03): A higher target; crossing this may confirm strong buying momentum.
- Resistance 3 (₹44.78): The ultimate resistance in the current range; breaching this would signal a strong uptrend.
Current Performance
- Last Traded Price: ₹39.67
- Proximity to Resistance 1: The stock is trading close to ₹39.92, making it a potential breakout candidate.
Key Observations
- If the price surpasses ₹39.92, it could trigger a bullish rally toward ₹42.03 or higher.
- A breach below ₹35.06 may indicate a pullback, potentially testing the ₹32.31 support.
Volume Trends
Volume trends provide crucial insights into market activity and investor sentiment regarding Trident’s stock. Higher-than-average trading volumes often signify strong momentum, while declining volumes may indicate consolidation or lack of interest.
Recent Volume Highlights
- Yesterday’s Volume:
- NSE: 218 million shares
- BSE: 9 million shares
- Total Volume: 227 million shares
- 20-Day Average Volume:
- Combined: 16.3 million shares
- Volume Comparison:
- Yesterday’s trading volume was 1297.24% higher than the 20-day average, signaling unusually high market activity.
Key Observations
- Bullish Momentum:
- The sharp increase in trading volume indicates strong bullish sentiment among investors.
- High volumes during price increases typically validate the uptrend.
- Liquidity:
- The significant trading volume ensures ample liquidity, allowing for easier entry and exit for investors.
- Volume Spikes:
- Yesterday’s volume spike aligns with price movements toward resistance levels, suggesting heightened interest and possible institutional activity.
Analyst Ratings
The current consensus rating for Trident is a Strong Buy:
- Median Target Price: ₹37.0 (2.66% lower than the current price)
- Rating Distribution:
- Strong Buy: 1
- Buy, Hold, Sell: 0
Short-Term Performance
Trident’s share price has demonstrated resilience over multiple timeframes:
| Time Period | Price Change (%) |
|---|---|
| 1 Week | +11.87% |
| 3 Months | +4.49% |
| 6 Months | +2.51% |
| 1 Year | +3.66% |
Conclusion
Trident’s recent rally highlights strong market sentiment and investor confidence. The surge in trading volume and bullish outlook suggest the potential for further growth, provided it maintains momentum and surpasses resistance levels.
Investors are advised to monitor the stock closely for further developments and consult financial advisors for strategic decisions.
By Shehnaz Shaikh
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