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.
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