Torrent Pharmaceuticals Limited Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Evaluation of Torrent Pharmaceuticals Limited stock downgraded after the last trading session.
(Updated on May 22, 2024)
The Torrent Pharmaceuticals Limited stock price fell by -0.669% on the last day (Wednesday, 22nd May 2024) from ₹2,681.70 to ₹2,663.75. During the last trading day the stock fluctuated 2.12% from a day low at ₹2,646.85 to a day high of ₹2,702.90. The price has risen in 5 of the last 10 days and is up by 2.94% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -32 thousand shares and in total, 121 thousand shares were bought and sold for approximately ₹323.20 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 ₹2,540.98 and ₹2,764.00 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
The Torrent Pharmaceuticals Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹2,674.63. On a fall, the stock will find some support from the long-term average at approximately ₹2,623.17. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, May 16, 2024, and so far it has fallen -1.34%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Torrent Pharmaceuticals Limited stock
Torrent Pharmaceuticals Limited finds support from accumulated volume at ₹2,600.60 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹56.05 (2.12%) between high and low. For the last week, the stock has had daily average volatility of 1.75%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TORNTPHARM.NS) For The Upcoming Trading Day Of Thursday 23rd
For the upcoming trading day on Thursday, 23rd we expect Torrent Pharmaceuticals Limited to open at ₹2,671.17, and during the day (based on 14 day Average True Range), to move between ₹2,606.95 and ₹2,720.55, which gives a possible trading interval of +/-₹56.80 (+/-2.13%) up or down from last closing price. If Torrent Pharmaceuticals Limited takes out the full calculated possible swing range there will be an estimated 4.26% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹2,690.40 (1.00%) than the support at ₹2,600.60 (2.37%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Torrent Pharmaceuticals Limited will release earnings BMO on Tuesday, May 28, 2024. We will update the financials statements for Torrent Pharmaceuticals Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.77% in the first trading day after earnings release.
Is Torrent Pharmaceuticals Limited stock A Buy?
Torrent Pharmaceuticals Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.446 Sell Candidate Downgraded
Predicted Opening Price for Torrent Pharmaceuticals Limited of Thursday, May 23, 2024
| Fair opening price May 23, 2024 | Current price |
|---|---|
| ₹2,671.17 ( 0.278%) | ₹2,663.75 |
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 | 2,727.22 | 2.38 % | |
| R2 | 2,705.81 | 1.58 % | ||
| R1 | 2,692.58 | 1.08 % | ||
| Current price: | 2,663.75 | |||
| Support | S1 | 2,649.76 | -0.525 % | |
| S2 | 2,636.53 | -1.02 % | ||
| S3 | 2,615.12 | -1.83 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,734.70 | 2.66 % | |
| R2 | 2,691.20 | 1.03 % | ||
| R1 | 2,690.40 | 1.00 % | ||
| Current price | 2,663.75 | |||
| Support | S1 | 2,600.60 | -2.37% | |
| S2 | 2,594.45 | -2.60% | ||
| S3 | 2,569.65 | -3.53% |
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% |
FAQ
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