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Investors with a short-term perspective can consider buying the stock of Torrent Power at current levels. The stock surged almost 4 per cent accompanied by good volume, breaching its immediate resistance at ₹181 on Thursday.
Since taking support at around ₹160 in mid-November 2016, the stock has been on a short-term uptrend. Moreover, with the recent rally, the stock has decisively breached its 21- and 50-DMAs and hovers well above them. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is moving towards the bullish zone in the neutral region. Additionally, both the daily as well as weekly price rate of change indicators are featuring in the positive territory.
The short-term outlook is bullish and the probability of breaking this resistance is high. Traders with a short-term view can buy the stock with stop-loss at ₹182. Targets are ₹194 and ₹197.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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