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Investors with a short-term perspective can consider buying the stock of Torrent Power at current levels. The stock jumped 5.5 per cent with an above average volume on Thursday, breaching its immediate resistance as well as the 21-DMA at around ₹220. Since taking support at ₹171 in late June, the stock has been in an intermediate-term uptrend. After a corrective fall in the last week of September, the stock found support at ₹210 and started to trend upwards. With the recent rally, the stock appears to have resumed its intermediate-term uptrend.
The stock trades well above its 21 and 50-day moving averages. The daily relative strength index has entered the bullish zone from the neutral region. Likewise, the weekly RSI has also entered the bullish zone from the neutral region. Both the daily and weekly price rate of change indicators feature in the positive territory indicating buying interest.
The short-term forecast for the stock is bullish. It can continue to trend higher and hit the price target of ₹234.5 and ₹239 levels in the ensuing trading sessions. Traders with a short-term view can buy the stock with a stop-loss at ₹220.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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