Torrent Pharmaceuticals Limited (TORNTPHARM) Stock - Complete Technical Analysis - Sep 03, 2024

Torrent Pharmaceuticals Stock Analysis: Support, Resistance

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, currently trading at 3,426, shows a mixed technical outlook. The stock's resistance levels are observed around 3,474 and 3,519, given the proximity to the Exponential Moving Averages of 10 and 20 periods, while support is evident at 3,236 and 3,092, near the Classic Pivot S1 and S2. The Average Directional Index (ADX) is quite high, indicating a strong trend, though the RSI suggests the stock might be nearing overbought conditions. The MACD remains bullish, supporting potential upward momentum. However, the Awesome Oscillator and Commodity Channel Index (CCI) indicate robust buying interest. The Stochastic %K is in the mid-range, implying a neutral stance. The Hull Moving Average and the Volume Weighted Moving Average suggest a short-term bullish trend. On the downside, the ATR indicates higher volatility, suggesting that traders should be cautious of potential price swings. Overall, the stock is showing strength but watch for potential corrections or consolidations given the current indicators.