IT stock jumps 4% after securing multi-million-dollar digital banking deal in Africa
Stocktwits - Trent (NSE:TREN) has rebounded from lower levels over the past few months and formed an ascending triangle pattern on its daily technical charts, according to SEBI-registered analyst Orchid (NSE:ORCD) Research.
The ascending triangle is a bullish chart pattern that typically appears during an uptrend, signaling a continuation of the existing trend.
The analyst notes the Open Interest build-up around the consolidation zone of ₹5,700–₹5,800, indicating investor interest at these levels.
Orchid Research stated that a breakout above the ₹5,700–₹5,800 range could potentially lead to a short-term upside toward ₹6,200 and advised a stop loss at ₹5,550.
At the time of writing, Trent was trading 1.4% higher at ₹5,781.
In other news, Trent and Bharat Electronics (NSE:BAJE) will be included in the BSE Sensex from June 23, replacing Nestle (NSE:NEST) India and IndusInd Bank (NSE:INBK).
Trent, a part of the Tata conglomerate, is a diversified retail company that operates brands like Westside and Zudio. The company reported a 38% increase in standalone revenue for the full year ended March 31, 2025. Its net profit rose 10% to ₹1,584.84 crores. The company also declared a dividend of ₹5 per share.
In an analyst meeting, the company reaffirmed its commitment to the long-term revenue growth target of 25% and is exploring category extensions, including beauty, innerwear, and footwear. Trent has plans to expand its in-house brand portfolio, increase store density in select markets, and continue overall expansion.
The stock continues to receive bullish calls from brokerages. HSBC has initiated coverage with a ‘Buy’ rating and a target of ₹6,700, indicating a 17% upside.
Morgan Stanley (NYSE:MS) maintained its ‘overweight’ rating with a ₹6,359 target, citing strong long-term growth plans. Macquarie reiterated ‘outperform’ with a ₹7,200 price target.
Trent’s shares have fallen nearly 20% year-to-date (YTD).