Ashish Chaturmohta
Torrent Pharmaceuticals has seen a major consolidation between Rs 1,700 and Rs 1,200 over the period for more than two years. In September, the stock witnessed a breakout to touch a high of Rs 1,873 and then retraced back below the breakout level.
The price found support at 100-day moving average and moved to hit a new all-time high of Rs 1,894. Also, the stock is seeing a breakout from the medium-term consolidation pattern between Rs 1,873 to Rs 1,511.
Thus, it can be bought at current levels and on dips to Rs 1,860 with a stop loss below Rs 1,780 for the target of Rs 2,050.
The author is Head of Technical and Derivatives at Sanctum Wealth Management.
Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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