Technical Picks to Keep an Eye On: Torrent Power and Olectra Greentech

Technical analysis identifies Torrent Power and Olectra Greentech upside potential stocks. Both stocks have displayed promising structures and technical setups, including price volume contraction, and the potential to bounce back and breakout. Currently trading at Rs 1,413.30 and Rs 1,787.40 respectively, their price aligns with positive signals from technical indicators like RSI and ADX, suggesting a likely breakout scenario.

Torrent Power Ltd

The daily chart of Torrent Power Ltd

On the daily chart, Torrent Power is presently showing a promising picture; the stock price is trading in a range. The stock price may resume its strong momentum-up in the coming trading sessions if it crosses and closes above the level of Rs 1,470 with the support of decent volume compared to the current volume. Volumes are dry right now and likely to rise soon.

Those considering a possible trade in Torrent Power might purchase the stock at the current price with a stop loss of Rs 1,350 on a closing basis and aim to capitalize above Rs 1,550.

The stock price is currently trading above its 50-day EMA, suggesting it is likely about to turn short-term bullish once more after seeing a volatility jump. The stock appears quite neutral when one looks at the Relative Strength Index, which is now trading at 50.83. The ADX of 16 indicates the present state of price momentum, which is moving with a low momentum.

In the event of a retracement, it is essential to monitor key support levels, particularly at Rs 1,300. The minor upper resistance is Rs 1,475 and if the stock closes above it, then the stock may consistently trade above current levels.

Torrent Power Ltd. engages in the business of power generation, transmission, and distribution of electricity.

Olectra Greentech Ltd 

The daily chart of Olectra Greentech Ltd

Olectra Greentech Ltd’s current performance is indicated by a favorable technical setup. The company’s shares are now trading at Rs 1,787.40 and may continue the uptrend from the current level if breakouts the consolidation and resistance is marked on the chart. The stock price is currently trading slightly above the 50-day EMA.

Those interested in possible trade in Olectra Greentech could purchase the stock at the present price, setting a stop loss below the 50-day EMA at Rs 1,700, and aim for a target above Rs 1,960.

The stock is trading around its all-important moving averages, and it is expected breakout from current consolidation. The Relative Strength Index is trading near neutral levels at 55.55. This implies there may be potential for an increase in stock price strength. The ADX, now around 21, shows low momentum and directional strength.

The level of Rs 1,555 serves as a crucial indicator for corrective movement, and the overall market structure favors traders if the stock sustains the level of Rs 1,870 and trades above it.

Olectra Greentech Ltd. is a holding company, which engages in the manufacturing of composite polymer insulators and electrical buses.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.