There is a possibility of a swing trade on TorrentPharma, it is forming a double bottom (also an inverted head and shoulder). You go long after a good breakout of 2940. Set Stop-loss logically. Suggested targets: Target1 3040 & Target2 3085.
TRADING STRATEGY: Sell on rise keeping SL of 3230 and look for the target of 2530/2350 in coming weeks.
Theory:
DIAGONAL:
Diagonal are the motive waves like an impulse wave, but diagonals are different from impulse wave in that they do follow the first two Sutras (rules of impulse wave) for wave analysis, but it does not follow the third one i.e. Wave 4...
NSE:TORNTPHARM
Observations:
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.
Breakout of 2800 will give a good up move....
![TORNTPHARM: Simple Trade Setup | TORRENT PHARMA | 23-11-2021 [ INTRADAY]](https://s3.tradingview.com/3/39bv94hv_mid.png "Simple Trade Setup | TORRENT PHARMA | 23-11-2021 [ INTRADAY]")
