Torrent Power falls 2.1% to fresh 52-week low

Torrent Power Limited shares fell 2.14% to Rs 1,188.60 on 9 October and hit a fresh 52-week low. Resistance is at Rs 1,265 and support is near Rs 1,064. Torrent Power Limited [

] shares fell 2.14% to Rs 1,188.60 on 9 October. The stock hit a fresh 52-week low before the weekend. The session opened at Rs 1,220.00, which was close to its high of Rs 1,220.10, and touched a low of Rs 1,178.50. The price slipped below an earlier support zone near Rs 1,200, which weakens the near-term structure. In my view, the stock is in a weak phase. It is well below its peak above Rs 2,000, and the break below support adds to the pressure. The RSI reads 31.64, below its average of 40.17, which is near the oversold zone. In a downtrend the RSI can stay low for long, so this does not show that a bottom is in place. Rs 1,064 is the nearby support, and a fall below it would put lower levels in view. On the upside, Rs 1,265 and Rs 1,330 are the resistance levels. A move back above them would weaken this view and bring a recovery attempt into focus. Bearish view while price trades below Rs 1,265. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.