Torrent Power (₹201.7)

Investors with a short-term perspective can consider buying the stock of Torrent Power at current levels. The stock jumped more than 7 per cent with above average volume, breaking above a key resistance at ₹190 and 200-DMA at ₹193 on Monday. Following a medium-term downtrend from the March 2017 high of ₹241, the stock found support at a key long-term base level at around ₹171 in late June. Since then, the stock has been on a short-term uptrend.

There has been an increase in daily volume over the past five trading sessions. The daily RSI feature in the bullish zone and the weekly RSI is charting higher in the neutral region. Both the daily and weekly price rate of change indicators hover in the positive territory implying buying interest. The short-term outlook is bullish. Traders with a short-term view can buy the stock with a stop-loss at ₹197. Short-term targets are ₹210 and ₹214.

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

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