After flying high for eight days on the trot, the markets eased off in today's session. The indices came under a bout of heavy profit booking and slipped in late trade to close in the red.

Nifty closed at 4,475, down 3 points, while the Sensex shut shop at 15,446, down 20 points. Both the indices are off considerably from the day's highs.

Technical Analyst Rajat Bose of rajatkbose.com is positive on Triveni Engineering and Torrent Power.

Here’s how Rajat Bose views the stocks on board:

On Triveni Engineering:

Triveni is behaving different from the sugar pack. It showed good momentum and there may be a consolidation. But if I were to give a buy call in this space, then Triveni could be the one.

Stocks like Balrampur Chini, Shree Renuka Sugars, Sakthi Sugars or Bajaj Hindustan show short-term recoveries for two-three days and then it again tapers off.

I do not see much of rally happening here. For that, one requires a lot of buying and strength, which is not there in this sector as of now. 

On Torrent Power:

Torrent Power looks quite good. In fact, it can move up from current levels. I saw two midcap power stocks, which are giving good movements at this juncture- Neyveli Lignite and Torrent Power.

If Torrent Power were to cross Rs 93-94 and sustain above that, then the next target would be Rs 105-108. I am very bullish on power and all energy related stocks, so Torrent Power would be a good bet.

On Escorts:

After the protracted downtrend, Escorts is showing some kind of a recovery. But I would need to watch Escorts for some more time, before I really become bullish.  

Rs 113-114 is a critical level for Escorts and if it were to move beyond that, then there would be a good intermediate uptrend that would shape-up. Otherwise, it might taper off at around Rs 112-113 levels.  

On TTML:

TTML is trading in a range, in the last few months, between Rs 25-32.5. TTML touched the upper boundary of that range. If it is a consolidation, then there will be a breakout above Rs 32.5.

Beyond that, the two targets are Rs 34 and Rs 37; Rs 37 would be an uphill task for TTML and if it were to go down, there is a strong support at around Rs 29.

It looks as if there could be a dip to about Rs 29-29.5 and then it might bounce back once again. But we need to see whether it really manages to get past Rs 32.50 on a rebound, otherwise, it will again come down and consolidate within this range.

Disclosure:

It is safe to assume that me and my clients may have an interest in the stocks/sectors discussed.