Stop Loss: Rs 2,600
Torrent Pharmaceuticals Ltd has been performing well, taking a bit of a break at higher levels. If we look at the daily chart, there’s a breakout from a Flag and Pole formation, suggesting that the positive trend is likely to continue. While consolidating, trading volume decreased, but during the breakout, the volume increased, showing strong control by the buyers.
The Relative Strength Index (RSI), which reflects the stock’s momentum, is close to the overbought zone, supporting the idea that Torrent Pharmaceuticals Ltd is on a positive trend.
(Virat Jagad, Technical Analyst, Bonanza Portfolio)