BUY
TORNTPHARM ABOVE 1400 TGT 1430/1470 SL 1360
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Market summary 31 MAY 2018 : BSE MidCap and
SmallCap fell 0.24% and 0.57%, respectively. Among the sectoral indices on BSE,
bankes gained most at 1.91%, finance 1.71%, oil and gas 1.17%, and energy
0.80%, while consumer durables fell 0.97%, realty 0.85%, capital goods 0.63%
and industrials 0.58%. On NSE, Nifty Bank rose 2.39%.
TOP GAINERS: Adani Ports,
HDFC Bank, IndusInd Bank and Mahindra
MAJOR LOSERS: Sun Pharma, Tata Motors, Hero
MotoCorp and Dr. Reddy’s Labs
Torrent
Pharmaceuticals Limited is engaged in the manufacture and sale of branded, as
well as unbranded generic pharmaceutical products. after
giving breakout of its range bound movement, it is forming continuation pattern
in short term charts, it is likely to continue the positive movement with the
breakout of the resistance levels of 1400 , where one may keep the targets of 1430,1470 in the stock with the stop loss
of 1360. Overall trend of the stock is bullish for long term above 1430 and
as the stock is managing to trade above its 22& 55 and 200 days moving
averages with the RSI of 60, one may expect the targets of 1480/1500 in the
stock if it manages to sustain above the immediate support level of 1400. 200
EMA can see as a strong support at 1335 as a stop loss for long term targets.
