The short-term outlook for Torrent Power is bullish. The stock has begun the week on a strong note by surging about 6 per cent and the stock well above the ₹680-690 resistance zone. It signals the beginning of a fresh leg of upmove within the broader uptrend. This ₹690-680 region will now act as a strong support zone. Intermediate dips are likely to be limited and can get fresh buyers below ₹700.
Torrent Power share price can rise to ₹780 and even ₹800 over the next three-four weeks. Traders can go long now. Accumulate on dips at ₹695. Keep the stop-loss at ₹670. Trail the stop-loss up to ₹715 as soon as the stock moves up to ₹725. Move the stop-loss further up to ₹740 when the price touches ₹755. Exit the longs at ₹770.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)