1) On 1day time frame, it is trading between 200DMA and 400DMA.
200DMA will be immediate resistance and 400DMA will be major support.
Please refer below chart : 1 day Time Frame.
2) On 1 day time frame we can see level 2800 is immediate resistance and 2700 level is major support....
Torntpharma: From past 6 months trading in a parallel channel - trading baove 50/100/200 ema's
Bounce back after testing 2854 low & currently taking support from lower channel, 50 & 100 EMA's.
However 2952 and 3020 will be strong resistance levels based on previous history.
Watch these levels - Incase if any correction in NIFTY and Torntpharm breaks...
15-day EMA has acted as a strong support for Torrent Pharma. Today the price has again bounced off the 15 EMA with a small hammer pattern indicating bullish bias. The 4-day SMA is steadily moving above the 9-day SMA which is again a bullish indication. I will look for a very short term target of 3025.
Short Term Quick Profit
SL : 2836
Timeframe < 45 Days
Cand hold for longer time
RALLY COMING SOON ON THIS ONE
ITS A BULL MARKET RALLY. Bullish on whole INDIA!
Corrections followed by another high!
Inverted Head & Shoulder Pattern Forming
Rising Volume with rising...
A STRONG STOCK TO HOLD
Avoid the stock if a big gap up or gap down is seen
Enter after the breakout happens and not before it
Do not chase the market, i.e., do not get involved in late entries
Only enter with strict stop-loss and target
This is not a recommendation and is for educational purposes only.
always follow risk-reward and quantity...
Buy Tornt pharma above 2505 Target price of 2905 with SL of 2280. Good risk to reward trade. Stock in bullish mode. As this is very volatile stock so advised to shift SL timely. This is for your educational ideas.
I will buy TORNTPHARM because :
It has been taking support at the trend line .
It us also forming a rectangle pattern
So will be looking at buying opportunities.
If it breaks the support look at shorting
Entry : 2428
Target : 2908/3012
Stop loss : 2276
We have two possibilities for tomorrow:
Buy if sustains above 2660 for the targets of 2685 and 2700 until 2630 is intact on the downside.
If opens lower tomorrow, Buy near 2600 for the targets of 2630, 2660, and 2685 until 2570 is intact on the downside.
To motivate me, Please like the idea If you agree with the analysis.
InvestPro India Team