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Investors with a short-term perspective can buy the stock of Torrent Power at current levels. Since taking support around ₹80 in March 2014, the stock has been on an uptrend. The medium-term trend has been up from October 2014 trough of ₹130. Following a narrow sideways hovering, the stock gained bullish momentum by gaining 3.8 per cent with above average volume on January 23. It is trading well above its 21- and 50-day moving averages.
The daily as well as weekly price rate of change indicators are featuring in the positive territory implying buying interest. The moving average convergence divergence indicator has signalled a buy and is trending higher in line with the stock price. The short-term outlook is bullish for the stock. It can extend its rally and reach our price target of ₹181.5 and then ₹185 in the upcoming sessions. Buy the stock with a stop-loss at ₹170.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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