Torrent Pharmaceuticals Limited (TORNTPHARM) Stock - Complete Technical Analysis - Sep 16, 2024

Torrent Pharmaceuticals Technical Analysis: Key Support, Resistance & Trends NSE Stock Insights

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Torrent Pharmaceuticals Limited (TORNTPHARM) Technical Analysis

Current Price: 3,454

Support and Resistance Levels:

Immediate Support: 3,440.65 (recent low)

Key Support: 3,236.4 (Classic Pivot S1)

Immediate Resistance: 3,483.05 (recent high)

Key Resistance: 3,653.95 (Classic Pivot R1)

Technical Indicators:

MACD: Currently showing positive momentum, indicating bullish sentiment.

RSI: Neutral to slightly bullish, suggesting the stock is neither overbought nor oversold.

ADX: Strong trend strength, suggesting the current trend is robust.

Stochastic %K: Indicates the stock is in a neutral zone.

Stochastic RSI: Very low, indicating a potential for a turnaround.

Awesome Oscillator: Positive, reflecting a bullish market sentiment.

Williams Percent Range: In the negative zone, suggesting a potential reversal or pullback.

Commodity Channel Index: Bullish, reflecting strong momentum.

Ultimate Oscillator: Neutral, suggesting the stock could be consolidating.

Moving Averages:

Short-term EMAs (10, 20, 30): Above the current price, indicating near-term resistance levels.

Medium to Long-term EMAs (50, 100, 200): Also above, reflecting overall trend strength and providing support.

Simple Moving Averages: Align similarly with the EMAs, providing further support and resistance insights.

Chart Patterns:

Doji (Indecision): Recent candle formation suggests market indecision.

Spinning Top: Indicates a period of market consolidation or potential reversal.

Volatility and ATR:

ATR: Showing a significant range of price movement, indicating high volatility.

Summary: Torrent Pharmaceuticals is currently experiencing a phase of consolidation with mixed technical indicators. The stock is trading near key resistance levels and has shown strong trend strength. With the recent Doji and Spinning Top patterns, there is a potential for market indecision or a reversal. Traders should monitor for breakouts above resistance or breakdowns below support levels for potential trading signals.