Despite trading subdued ahead of its Q1 results, Torrent Power could see a recovery if it sustains above ₹1,330–₹1,350, according to the analyst.
Torrent Power trades subdued on Tuesday ahead of its June quarter (Q1 FY26) earnings report. However, a potential rebound is likely on its cards, according to the technical charts.
SEBI-registered analyst Deepak Pal noted that on its daily chart, the stock has been in a downtrend for a long time, but now signs of a slight price bounce are emerging.
Its Relative Strength Index (RSI) is at 34.84, indicating that Torrent Power is near the oversold zone and a potential recovery may be on the cards.
Other indicators, such as the Parabolic SAR dots, remain above the $price, indicating continued selling pressure. However, yesterday’s green candle raises hopes of a reversal.
The MACD remains negative, but bearish momentum is slowing.
Technical Outlook
Torrent Power stock is still trading below all key moving averages (20, 50, 100, 200). If it sustains above the ₹1,330–₹1,350 zone, a short-term pullback could be possible, according to Pal.
On the monthly chart, the stock showed a continuous decline during July. However, in the August contract, some recovery is visible from the ₹1,275–₹1,280 level. If Torrent Power stock holds these levels and continues its upward move, we may see a decent upside. In the short term, a potential upside towards ₹1,390–₹1,400 levels cannot be ruled out, Pal concluded.
However, data on Stocktwits shows that retail sentiment has been ‘bearish’ on this counter for over a week.
Torrent Power shares have declined 12% year-to-date (YTD).
For updates and corrections, email newsroom[at]stocktwits[dot]com.<