Torrent Power Limited Stock Forecast
Evaluation of Torrent Power Limited stock downgraded after the last trading session.
(Updated on Jun 28, 2024)
The Torrent Power Limited stock price fell by -1.37% on the last day (Friday, 28th Jun 2024) from ₹1,519.20 to ₹1,498.40. During the last trading day the stock fluctuated 2.78% from a day low at ₹1,490.10 to a day high of ₹1,531.50. The price has been going up and down for this period, and there has been a -6.22% loss for the last 2 weeks. Volume has increased on the last day by 15 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 249 thousand shares were bought and sold for approximately ₹373.74 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Torrent Power Limited stock with a 90% probability to be traded between ₹1,339.90 and ₹1,630.72 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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TORNTPOWER.NS Signals & Forecast
The Torrent Power 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 ₹1,518.89. On a fall, the stock will find some support from the long-term average at approximately ₹1,467.97. 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 Wednesday, June 12, 2024, and so far it has fallen -6.87%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Torrent Power Limited stock
Torrent Power Limited finds support from accumulated volume at ₹1,465.45 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 ₹41.40 between high and low, or 2.78%. For the last week, the stock has had daily average volatility of 2.49%.
Our recommended stop-loss: ₹1,426.67 (-4.79%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 33 days ago.)
Trading Expectations (TORNTPOWER.NS) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Torrent Power Limited to open at ₹1,506.67, and during the day (based on 14 day Average True Range), to move between ₹1,441.90 and ₹1,554.90, which gives a possible trading interval of +/-₹56.50 (+/-3.77%) up or down from last closing price. If Torrent Power Limited takes out the full calculated possible swing range there will be an estimated 7.54% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹1,501.80 (0.23%) than the support at ₹1,465.45 (2.20%), 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.
Is Torrent Power Limited stock A Buy?
Torrent Power Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.646 Hold/Accumulate Downgraded
Predicted Opening Price for Torrent Power Limited of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| ₹1,506.67 ( 0.552%) | ₹1,498.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TORNTPOWER.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1,548.07 | 3.31% |
| R2 | 1,532.25 | 2.26% |
| R1 | 1,522.48 | 1.61% |
| Price | 1,498.40 | |
| S1 | 1,490.85 | -0.504% |
| S2 | 1,481.08 | -1.16% |
| S3 | 1,465.27 | -2.21% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1,596.55 | 6.55% |
| R2 | 1,568.40 | 4.67% |
| R1 | 1,501.80 | 0.227% |
| Price | 1,498.40 | |
| S1 | 1,465.45 | -2.20% |
| S2 | 1,456.20 | -2.82% |
| S3 | 1,422.50 | -5.07% |
TORNTPOWER Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 14, 2024 | Jun 14, 2024 | Aug 29, 2024 | ₹4.00 | 0.267% |
| 2 | Feb 16, 2024 | Feb 16, 2024 | Mar 09, 2024 | ₹10.00 | 0.87% |
| 3 | Jun 16, 2023 | Jun 16, 2023 | Jun 16, 2023 | ₹4.00 | 0.596% |
| 4 | Feb 22, 2023 | Feb 22, 2023 | Feb 22, 2023 | ₹13.00 | 2.62% |
| 5 | Feb 10, 2022 | Feb 10, 2022 | Feb 10, 2022 | ₹9.00 | 1.78% |
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