In the previous session, the market saw a short coverage of yesterday's levels and hit a new high near 16375. The index opened on a positive note and remained in positive territory throughout the day. Technically, the Nifty Index made a bullish candle on the chart and closed with a net gain of 82.15 points. Therefore, we recommend approaching the markets in a positive way. Traders must protect profits at higher levels.
The Indian stock market may see some profit reserves, but traders should continue to long until the market remains above 16178 for and 35630 for. The next stock looks technically sound and traders can accumulate this stock on dips.
Torrent Power Ltd (NS ๐
NSE: TORNTPOWER BSE: 532779 Sector: Power generation and distribution
On the daily time frame, Torrent Power Ltd share prices are moving in the form of a 'Double Bottom' pattern. In the previous session, the stock made a strong bullish candle on the chart and closed with a 2.44% gain.
Furthermore, Stock closed comfortably above the Ichimoku cloud on positive momentum. Along with this, the formation of the baseline and conversion crossover confirms the uptrend on the daily charts. Now, breaking even further above the previous day's high could push prices higher. The Relative Strength Index (RSI) on the daily chart is 53.55, indicating optimism.
In summary, Torrent Power Ltd appears to be positive for the short term view. Based on the Fibonacci projection, we can expect it to hit a target of 483/507 levels, which is 100% and 161.8% of the Fibonacci levels. Add more in sauces around 464 levels. This perspective is valid as long as we do not see any closes below the 457 level.
