Nigel D'Souza on why Torrent Pharmaceuticals is looking good
The stock has moved around Rs 2,750 per share with the near-term 100-day moving average (DMA) lower, at Rs 2,550. So if it can hold on to this band, then going by the data points, Torrent Pharma looks good for more.
Looking at the last six-eight months' charts, Torrent Pharmaceuticals' share price has moved up to Rs 3,000 from Rs 1,500 apiece. In between, August and November, pharma stock had a 20 percent correction and from there it bounced back to the Rs 2,400 mark.
In the last week, the average volumes per day, as well as the average delivery volumes per day, were around 50 percent higher than what was in the previous week on a per day basis.
Therefore, it is suggesting that the stock is moving higher on good volumes as well as higher delivery.
The stock has moved around Rs 2,750 per share with the near-term 100-day moving average (DMA) lower, at Rs 2,550. So if it can hold on to this band, then going by the data points, Torrent Pharma looks good for more.
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(Edited by : Ajay Vaishnav)
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