Published on 21/04/2017 11:52:00 AM | Source: Reliance Securities Ltd
Buy Torrent Power Ltd For Target Rs.242.00 - Reliance Sec
* Torrent Power reversed after taking support of its medium-term moving average 50-day EMA and also 61.8% Fibonacci Retracement level of recent rally (Rs191-242) and rose to 7 days high.
* Key technical indicators-Stochastic and RSI moving higher post their positive cross-over.
* As per the current daily set-up, we believe that stock will remain in positive momentum and soon it will visit the recent swing high.
* On the lower side, the stock will continue to find support around its medium-term moving average, which is placed at Rs211.
* Thus, long position can be initiated at around Rs220 for the target of Rs242 and with a stop loss of Rs211.
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