Torrent Power | At All Time Highs | Latest stock market news(3 minutes read)

Stock name: Torrent Power

Pattern: At All Time Highs

Time frame: Daily

Observation: The stock had broken out of a rounding bottom formation in February 2021 and then was in a continuous bullish momentum. From Feb to May 2022, the stock had corrected almost 30% and later again resumed its bullish momentum. The stock had faced a resistance at 606 levels in the recent time, however today the said level has also been broken. If the price sustains above this level of 606, then we may see some good up-move in this stock in the coming days.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) CarTrade Tech may witness selling pressure as one year lock-in for the pre-IPO investors ended today and such investors hold around 57% of the net shares of CarTrade Tech.

2) Union Bank of India entered into partnership with JCB India Ltd. for extending equipment finance to the customers of JCB.

3) Shares of LIC fell over 1% in today’s trade even as the insurance behemoth said it witnessed a decline of nearly 20% in death claims in the first quarter of this fiscal with the Covid impact seen to be ebbing.

4) Gautam Adani led Adani Power has agreed to buy the thermal power assets of DB Power (DBPL) from Dainik Bhaskar Group for around Rs Rs. 7,017 crores enterprise valuation.