OUR RECOMMENDATION
| CMP# | 259.2 |
| Idea | SELL |
| Sell Range | 267 – 260 |
| Target | 248 – 238 |
| StopLoss* | 268 |
| Duration | 15 – 20 Trading Sessions |
| Potential Return^ | 4 – 7% |
| CMP# | Idea | Sell Range | Target | StopLoss* | Duration | Potential Return^ |
| 259.2 | SELL | 267 – 260 | 248 – 238 | 268 | 15 – 20 Trading Sessions | 4 – 7% |
# CMP on Apr 03, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 254.
^ The returns are calculated based on CMP#
COMPANY OVERVIEW
Torrent Power formerly The Surat Electricity Company Limited, is an Indian utility company engaged in the business of power generation, transmission, and distribution of electricity in the states of Gujrat, Maharashtra, UP and Karnataka. This Ahmedabad based company also involved in the manufacturing of electrical cables. In Q4FY19, The company has posted net income of Rs.2924.80 crore and Net Profit of Rs.24.80 crore as against net income of Rs.2810.36 crore and net profit of Rs.221.25 crore in the corresponding period last year. The net Profit dropped by 88.79%.
| Stock Data | |
| NSE Code | TORRENTPOWER |
| Sector | Nifty Infra |
| 52W High | 276.95 |
| 52W Low | 211.5 |
| Face Value | 10 |
TECHNICAL OBSERVATIONS (WEEKLY)
- Presently, the stock price has placed near the Upper bound of a sideways range and based on historical price pattern we are expecting the price to fall off from here.
TECHNICAL OBSERVATIONS (DAILY)
- The stock has formed Evening Star candlestick pattern which is a bearish reversal indication and giving a sign of a starting of the downward trend.
- RSI have formed negative divergence on the daily chart, which indicates loss of buying momentum and a possible rise in a trend reversal.
