Momentumisers: Here’s why Torrent Pharmaceuticals is on a high

Torrent Pharmaceuticals had a correction from January to March; it saw roughly around 15 percent correction or thereabouts, but in yesterday’s trade, June 14, the stock did bounce up and now it’s moving towards its 52-week high.

The stock moved up in the cash market and in the Futures market. There was a small addition in open interest and now the fear is that the shorts will get stuck on the wrong side and that could push the stock even higher from here.

The stock has taken support around 50-100-200 day moving average (DMA), and that’s around Rs 2,600-2,700. So now it’s bracing to hit the highest level seen in August 2020.