Daily Bullish Flag Pattern BO in TORRENT POWERIntroduction:
Torrent Power is one of the leading brands in the Indian power sector, promoted by the Rs. 21500 Crore Torrent Group – committed to its mission of transforming life by serving two of the most critical needs - healthcare and power. It is an integrated power utility and is one of the largest private sector players in India having interests in power generation, transmission, distribution and manufacturing and supply of power cables.
Subsidiaries and Joint Ventures
TORRENT SOLARGEN LIMITED
JODHPUR WIND FARMS PRIVATE LIMITED
LATUR RENEWABLE PRIVATE LIMITED
WIND TWO RENERGY PRIVATE LIMITED
TCL CABLES PRIVATE LIMITED
TORRENT SOLAR POWER PRIVATE LIMITED
TORRENT SAURYA URJA 2 PRIVATE LIMITED
TORRENT SAURYA URJA 3 PRIVATE LIMITED
TORRENT POWER GRID LIMITED
UNM FOUNDATION (FORMERLY KNOWN AS TORNASCENT CARE INSTITUTE)
Analysis
A Bullish Flag and Pole pattern is visible on the Daily chart of $NSE:TORNTPOWER. The Flag and Pole pattern is a bullish continuation pattern and it is visible in charts after a meaningful appreciation in the price.
MACD gave Positive crossover on Daily, Weekly and Monthly chart. So, expecting the momentum to continue.
One can create a fresh position in the scrip near Rs. 806-816 levels with the stoploss of Rs. 785 on Daily closing basis for the following targets 826.10, 839.50, 851.55, 864.25, 878.15, 892.35, 908.15 and 929.60.
Risk Disclaimer:
The trading ideas and analyses presented here are for educational purposes only and do not constitute financial advice. Trading and investing in financial markets involve risk. You should carefully consider your own financial situation, risk tolerance, and investment objectives before making any investment decisions.
The information provided in this analysis is based on my personal interpretation of market conditions and the available data at the time of writing. It is subject to change without notice, and I cannot guarantee the accuracy, completeness, or timeliness of the information provided.
Trading and investing carry the risk of substantial losses, and past performance is not indicative of future results. Always be aware that markets can be unpredictable, and prices may move against your trade or investment.
It is advisable to seek advice from a qualified financial professional and to conduct your own research before making any investment decisions. You should only invest funds that you can afford to lose.
I am not responsible for any trades or investments made based on the information presented in this analysis. By reading and using this information, you acknowledge and accept that you are solely responsible for any losses you may incur.
