Torrent Power Limited (Weekly Chart)

CMP: ~₹1,586 Structure: Large Double Rounding Base Neckline Resistance: ₹1,590–₹1,600 🟢 Big Picture This is a multi-year consolidation → breakout attempt. You can clearly see: First rounding bottom (₹1,250 → ₹1,600) Pullback Second rounding bottom (₹1,220 → ₹1,590) Now price is retesting the major supply zone near ₹1,600. This is structural — not short-term noise. 📐 Measured Move Depth of second cup ≈ ₹380 Projection: ₹1,600 + ₹380 ≈ 🎯 ₹1,950–₹2,000 Your blue box (~₹1,980–₹2,000) is technically aligned. Upside potential: ~24–25%. 🔥 Why This Is Strong ✔ Multi-quarter base ✔ Higher lows over 1 year ✔ Strong bullish weekly candle into resistance ✔ Power/utilities space showing steady relative strength This is accumulation → expansion behavior. ⚠️ Critical Level ₹1,600 weekly close is decisive. Weekly close above ₹1,600 = confirmed structural breakout Rejection here = range continuation This zone rejected price previously — supply exists here. 📊 Key Levels Immediate Support: ₹1,520 Major Support: ₹1,400 Structural Support: ₹1,250 Invalidation: Weekly close below ₹1,380 weakens breakout thesis. 🧠 Setup Quality vs Others You Posted Compared to: Petronet LNG Limited → early breakout Bandhan Bank Limited → rectangle breakout ICICI Prudential Life Insurance Company Limited → neckline test Torrent Power has one of the cleanest large-scale bases among them. This is a proper positional candidate. 📈 If Breakout Sustains Targets: 1️⃣ ₹1,700 (minor supply) 2️⃣ ₹1,850 3️⃣ ₹1,950–₹2,000 (measured move) If sector momentum expands, ₹2,100+ possible later. 🎯 Strategy View Aggressive: Partial entry on breakout candle Conservative: Wait for weekly close above ₹1,600 Best R:R: Breakout → Pullback to ₹1,600 → Continuation