In the previous session, the market saw a short covering from yesterday’s levels and marked a fresh high near 16375.  The Index opened on a positive note and remained in a positive territory throughout the day. Technically, the NIFTY index made a bullish candle on the chart and closed with a net gain of 82.15 points. Hence, we recommend approaching the markets in a positive way. Traders should protect profit at higher levels.

Look at the below research report of the ‘Stocks to Buy for – Friday, August 13, 2021’ before the market opens.

Torrent Power Ltd

NSE :TORNTPOWER   BSE :532779  Sector : Power Generation & Distribution

In the daily time frame, Torrent Power Ltd. share prices are moving in the form of the ‘Double Bottom’ pattern. In the previous session, stock made a strong Bullish candle on the chart and closed with a gain of 2.44%.

In addition, Stock comfortably closed above the Ichimoku cloud with positive momentum. Along with this the formation of Base line and Conversion line crossover confirm the bullish trend on daily charts. Now further breaking above previous day’s high might push the prices towards upside. The Relative Strength Index (RSI) on the daily chart is 53.55, which indicates bullishness.

In short, Torrent Power Ltd. looks to be positive for the short-term view. As per Fibonacci Projection, We can expect it to reach a target of 483/507 levels which is 100% and 161.8% of Fibonacci levels. Add more on dips around 464 levels. This outlook is valid as long as we do not see any closing below 457 level.

Check More Analysis on TORNTPOWER at: Torrent Power Ltd