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TORRENT POWER LTD.TORRENT POWER LTD.TORRENT POWER LTD.

TORRENT POWER LTD.

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TORNTPOWER trade ideas

Trade setup for Torrent PowerVery similar setup to Bajaj Holding and I expect huge momentum in the coming sessions. Expect one daily candle of 3-4% in coming sessions. Using your risk management and trade setup, compare and then decide on your own, whether you should take the trade or not. Nice price action as well as supply is visible on the chart in the form of a inverted hammer candle on 1hr chart. Again, do not forget to follow me for such beautiful, high probability setups. If the broader market is bullish, then this stock will also rise higher and not fall, but the momentum is what I expect to be huge, so you can take advantage with your trade setup and strategies. This is an educational post and all the opinions provided above and on charts are simply speculation. Nothing is 100% in market Consult your financial advisor before taking trades I do not recommend taking trades according to my analysis as you may incur loss, for which I am not responsible. Trade carefully Grateful🙏
NSE:TORNTPOWER
by inteliigentrader
TORNTPOWER - SHORTReasons for Short position and Setup: 1) Had given a breakdown with good volume at the Support level and is currently trying to breach. 2) Currently trading below 50, 100 and 200 EMAs. Entry: Can enter around 316.00 to 315.50, after breakdown from the support with good volume (can use 20 MA on Volume to verify) Stop loss: Keep SL at 320.50 slightly above the resistance area. Can trail SL below cost after first target is achieved and follow the trend further. Target: First target can be 310.50 where there is a support. If downtrend continues with volumes then it will fall further till 304.00 to 303.00 which is the second target. RR Ratio: 1.2 (Entry - 316.00, SL - 320.50 and Target - 310.50) Note: There are some unusual heavy buying happening near the current support level. So be cautious before entry and during the trade as there may be a chance of reversal. Also watch NIFTY MIDCAP 50 for trend verification. Reasons for Long position and Setup: In case if NIFTY MIDCAP 50 is bullish due to NIFTY 50 uptrend on gap up, then can consider long position provided the below: 1) The stock has some positive opening and breached 50,100 and 200 EMAs with good buying volume. 2) NIFTY 50 and other major indices are trading in positive and MIDCAP 50 is also following. Entry: Can enter at 326.00 and above with good volume verification (can use 20 MA on Volume) Stop loss: Keep SL at 320.50 which near the support. Can trail SL above cost after first target is achieved and follow the trend further to the second target where there is a resistance. Ideal to exit at first target. Target: First target can be 332.50 where there is a resistance. If trend continues with volumes then it can go till 335.50 to 336.00 where there is a resistance. RR Ratio: 1.2 (Entry - 326.00, SL - 320.00 and Target - 332.50). Note: As long as there is no big gap up or rally in NIFTY 50 or some heavy buying, one can consider short position.
NSE:TORNTPOWERShort
by Rajesh_S