Technical Pick of the Week #5 - Torrent Pharma
.svg)
Aman Baheti
Price Action Analysis:
The stock corrected from all-time high and took support at INR 2500-2510 zone. Recently, it witnessed a formation of bullish triangle. The triangle is formed with resistance at INR 2680-2690zone and support at INR 2500-2510 zone. A strong bullish trend was seen in the last 6 months.
Moving Average:
The stock has been trading above the 20 and 50 EMA for the last 6 months. A convergence between the EMAs highlights consolidation. The 50 EMA is around INR 2560 which can be looked as a support level.
Bollinger Bands:
The stock has been trading within the Bollinger band for the last 2 weeks. The band was breached on the lower level when the stock broke INR 2500 level. The upper band level stands at INR 2650-2660 zone which can act as resistance.
Mool’s Outlook:
We anticipate a target of INR 2,850 in the stock in the next 6-9 months, which reflects a 12% upside in the stock. Stop Loss should be maintained at INR 2450.
The stock corrected from all-time high and took support at INR 2500-2510 zone. The stock has been trading within the Bollinger band for the last 2 weeks. The band was breached on the lower level when the stock broke INR 2500 level.
Subscription Required
A subscription is required to read premium content. Memberships begin at ₹1,999/month with a 5 days free trial included.
