Torrent Pharmaceuticals Limited Stock Forecast
Torrent Pharmaceuticals Limited stock upgraded to Hold/Accumulate.
(Updated on May 10, 2024)
The Torrent Pharmaceuticals Limited stock price gained 2.99% on the last trading day (Friday, 10th May 2024), rising from ₹2,524.35 to ₹2,599.90. During the last trading day the stock fluctuated 3.62% from a day low at ₹2,526.50 to a day high of ₹2,618.00. The price has fallen in 6 of the last 10 days and is down by -3.39% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 15 thousand more shares were traded than the day before. In total, 167 thousand shares were bought and sold for approximately ₹433.24 million.
The stock is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Torrent Pharmaceuticals Limited stock with a 90% probability to be traded between ₹2,490.14 and ₹2,726.49 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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TORNTPHARM.NS Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 09, 2024, and so far it has risen 2.99%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Torrent Pharmaceuticals Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at ₹2,636.15 and ₹2,605.84. A break-up above any of these levels will issue buy signals.
Support, Risk & Stop-loss for Torrent Pharmaceuticals Limited stock
Torrent Pharmaceuticals Limited finds support from accumulated volume at ₹2,594.45 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹91.50 between high and low, or 3.62%. For the last week, the stock has had daily average volatility of 3.22%.
Our recommended stop-loss: ₹2,473.99 (-4.84%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (TORNTPHARM.NS) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Torrent Pharmaceuticals Limited to open at ₹2,581.47, and during the day (based on 14 day Average True Range), to move between ₹2,534.45 and ₹2,665.35, which gives a possible trading interval of +/-₹65.45 (+/-2.52%) up or down from last closing price. If Torrent Pharmaceuticals Limited takes out the full calculated possible swing range there will be an estimated 5.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹2,594.45 (0.21%) than the resistance at ₹2,690.40 (3.48%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Torrent Pharmaceuticals Limited stock A Buy?
Torrent Pharmaceuticals Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.532 Hold/Accumulate Upgraded
Predicted Opening Price for Torrent Pharmaceuticals Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| ₹2,581.47 ( 0.709%) | ₹2,599.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TORNTPHARM.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,672.97 | 2.81 % | |
| R2 | 2,638.01 | 1.47 % | ||
| R1 | 2,616.42 | 0.635 % | ||
| Current price: | 2,599.90 | |||
| Support | S1 | 2,546.51 | -2.05 % | |
| S2 | 2,524.92 | -2.88 % | ||
| S3 | 2,489.97 | -4.23 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,734.70 | 5.18 % | |
| R2 | 2,691.20 | 3.51 % | ||
| R1 | 2,690.40 | 3.48 % | ||
| Current price | 2,599.90 | |||
| Support | S1 | 2,594.45 | -0.210% | |
| S2 | 2,569.65 | -1.16% | ||
| S3 | 2,501.50 | -3.78% |
TORNTPHARM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 12, 2024 | Feb 12, 2024 | Mar 03, 2024 | ₹22.00 | 0.82% |
| 2 | Jun 23, 2023 | Jun 23, 2023 | Jun 23, 2023 | ₹8.00 | 0.429% |
| 3 | Feb 03, 2023 | Feb 03, 2023 | Feb 03, 2023 | ₹14.00 | 0.91% |
| 4 | Jun 03, 2022 | Jun 03, 2022 | Jun 03, 2022 | ₹7.50 | 0.540% |
| 5 | Feb 02, 2022 | Feb 02, 2022 | Feb 02, 2022 | ₹12.50 | 0.91% |
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