Torrentpharma has is showing bearish signs and weakness on upside, if not going short.. then atleast dont go long in torrent pharma
TORRENTPHARM Looking weak after breaking down the rising wedge pattern and the level of 1500. Here are some important levels we can expect.
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....
if you understand price action then you know what you have yo do with this stock . . . Enjoy proper levels for upside rally is Marked
08-09-2020 CMP 2753 *TORRENT PHARMA IS IN RANGE BOUND FROM PAST 3 DAYS *NEED TO GIVE BREAK ON EITHER SIDE OF ZONE 2838.55-2732.80 TO SEE FURTHER MOMENT. *AS PER OPTION CHAIN, MORE CALL VOLUME AND PUT SIDE LOOKS WEEK. RESISTANCE: 2834.95-2878.2949 SUPPORT: 2732.80-2709-2640-2550-2470
Short term T1 2381 T2 2412 T3 2435 LONG TERM T1 2500 T2 2550 SL 2300 FOR BOTH.
Hi , i have added all the key supports in the chart . Feel free to ask any doubts if you have.
TORRENT PHARMA IS A BUY ABOVE 2525, TARGET: 2700, STOP LOSS: 2400