Trent stock has lost 35% from its 52-week high of Rs 8345.85 reached on October 14, 2024.
An analyst from Anand Rathi said that BSE has shown strong support, accompanied by a bullish divergence on the technical charts, indicating a potential reversal.
The brokerage said that the cannibalisation, a reduction in sales due to the introduction of similar products, has influenced Trent's performance expectations.
Kaynes Tech, BEL, Premier Energies, Swiggy, Hindustan Zinc, RBL Bank, Varun Beverages and Suzlon Energy witnessed Rs 800-Rs 2,700 crore worth MF buying.
An analyst from Arihant Capital said that Trent has breached its 50-day SMA on the daily charts and closed below it, indicating weakness. and It is underperforming the benchmark indices.
Kamath’s assessment comes after the Securities and Exchange Board of India (SEBI) barred Jane Street Group from accessing the securities market.
Seasoned Dalal Street investor Radhakishan Damani took a hit of more than Rs 310 crore in Trent shares plunged 11 per cent during the trading session.
Trent may see passive inflows to the tune of 5 million shares worth $330 million. BEL shares are likely to attract even higher $378 million inflows.
Multibagger stock: The Tata Group share rose 235% in two years and 450% in three years, reflecting multibagger returns in the long term.
Trent shares are down over 30 per cent from October 2024 peak. The stock is up 9 per cent in the past three months, much in line with stock market indices.
Trent share price target: Nuvama cut its target price on Trent to Rs 6,224 from Rs 6,662, but retained its ‘Buy’ rating on the stock. Morgan Stanley has suggested 'overweight' on the stock.