Todays Pick

Torrent Power (₹582.7): Buy

Akhil Nallamuthu | | Updated on: Dec 09, 2021
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The stock of Torrent Power has been in an uptrend since the beginning of the year. But for the past couple of months, it faced a barrier at ₹550 and was unable to move beyond this level. Last week, it finally broke out of this level and on Wednesday, it marked a fresh lifetime high of ₹591.7. The price action indicates further appreciation in the stock in the forthcoming sessions.

Supporting the bullishness, the relative strength index (RSI) and the moving average convergence divergence (MACD) on the daily chart are showing fresh uptick. So, although the stock closed with a loss on Tuesday, the uptrend remains intact.

Hence, participants looking for short-term opportunities can buy the stock at the current level and accumulate at ₹565. Keep initial stop-loss at ₹545. On the upside, the stock will most likely surpass ₹600-mark and touch ₹625, which can be a resistance. Once it crosses over ₹600, shift the stop-loss upwards to ₹575. Liquidate the positions at ₹625 from where the stock might see a corrective decline, if not a trend reversal.

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

Published on December 08, 2021

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