Torrent Power: Base Formation with Breakout Potential

The daily chart of Torrent Power shows a shift in structure after a long corrective phase. Earlier, the stock made a strong uptrend and peaked near the 2000 zone, followed by a gradual decline with lower highs and lower lows, indicating weakness. Recently, price action suggests stabilization. The stock has started forming a base and is now trading above short-term moving averages like 8, 20, and 33 EMA. This indicates improving momentum and early signs of trend reversal. Bollinger Bands had tightened during consolidation, and now price is moving toward the upper band, signaling possible volatility expansion and momentum buildup. Key levels to watch: Support: 1550–1560 zone Resistance: 1600–1620 zone A sustained move above 1620 can open upside toward 1680–1750 levels, while failure to hold above support may keep the stock range-bound. RSI is also rising, supporting the view of strengthening momentum, with room for further upside. Conclusion The stock appears to be transitioning from a weak phase to a neutral-to-bullish setup. A breakout above resistance with support from momentum indicators could lead to the next upward move. Disclaimer: This is for educational purposes only. Not a buy/sell recommendation.