In a bullish turn of events, Torrent Power (₹705.25) is emerging as a compelling investment option. The stock has embarked on a promising trajectory this week, surging by approximately 6 percent and comfortably breaking through the ₹680-690 resistance barrier. This significant move suggests the commencement of a fresh upward momentum within the overarching uptrend. It is important to note that the ₹690-680 range has now transformed into a robust support zone. Any interim declines are likely to be contained, and the stock is expected to attract fresh buyers, particularly below ₹700.
With this optimistic outlook in mind, Torrent Power’s share price has the potential to reach ₹780, and possibly even touch ₹800, over the next three to four weeks. Traders are encouraged to initiate long positions at the current juncture. Additionally, accumulating shares during price dips, specifically around ₹695, is advisable. To manage risk, it is recommended to maintain a stop-loss level at ₹670. As the stock progresses and reaches ₹725, consider trailing the stop-loss upwards to ₹715. If the price advances further to ₹755, it’s prudent to adjust the stop-loss to ₹740. Ultimately, the long positions should be exited at ₹770.
Please note that these recommendations are based on technical analysis, and trading inherently carries a risk of financial loss.
(Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute financial advice.)
