Tor­rent Power (₹225.3)

The Hindu Business Line - - MARKET WATCH - YOGANAND D

In­vestors with a short-term per­spec­tive can con­sider buy­ing the stock of Tor­rent Power at cur­rent lev­els. The stock jumped 5.5 per cent with above-av­er­age vol­ume on Thurs­day, breach­ing its im­me­di­ate re­sis­tance as well as the 21-DMA at around ₹220. Since tak­ing sup­port at ₹171 in late June, the stock has been in an intermediate-term up­trend.

The stock is trad­ing well above its 21- and 50-DMAs. The daily rel­a­tive strength in­dex has en­tered the bullish zone from the neu­tral re­gion. Like­wise, the weekly RSI has also en­tered the bullish zone from the neu­tral re­gion. Both the daily and weekly price rate of change in­di­ca­tors fea­ture in the pos­i­tive ter­ri­tory in­di­cat­ing buy­ing in­ter­est.

The short-term fore­cast for the stock is bullish. It can con­tinue to trend higher and hit the price tar­get of ₹234.5 and ₹239 lev­els in the en­su­ing trad­ing ses­sions. Traders with a short-term view can buy the stock with stop-loss at ₹220.5.

(Note: The rec­om­men­da­tions are based on tech­ni­cal anal­y­sis. There is a risk of loss in trad­ing.)

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