|Sell Range||1770 – 1740|
|Target||1630 – 1530|
|Duration||20 – 25 Trading Sessions|
|Potential Return^||7 – 13%|
|CMP#||Idea||Sell Range||Target||StopLoss*||Duration||Potential Return^|
|1753.75||SELL||1770 – 1740||1630 – 1530||1825||20 – 25 Trading Sessions||7 – 13%|
# CMP on April 26, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 1692.
^ The returns are calculated based on CMP#
Founded in 1959, based in Ahmedabad India, Torrent Pharmaceuticals Limited engages in research, development, manufacturing and marketing of generic pharmaceutical formulations in India, USA, Germany, Brazil and internationally. The company offers products in cardiovascular, central nervous system, and gastro-intestinal, therapeutic, dermatology, oncology and women healthcare. The consolidated revenue rose 36 percent to Rs 1,948 crore as against the year-ago period.
TECHNICAL OBSERVATIONS (WEEKLY)
- Looking at the weekly chart, the stock has seen a spectacular rally from the bottom of around 1230 (March 2018) and hit a fresh all-time high of around 1962 (March 2019).
- Then we witnessed a sharp 12% decline from ₹ 1962 to ₹1720 within last 4 weeks.
- This week, the stock broke out from an upward slopping trend line from weekly charts which is a negative sign. This indicates that the stock looks set to continue the next leg of its uptrend.
TECHNICAL OBSERVATIONS (DAILY)
- Currently, we are witnessing a neckline breakout from the Head & Shoulder pattern on the Daily chart, which is a negative sign for the stock.
- This can be a genuine breakout as it is supported by incremental volumes.