The stock began a steady upward reversal after hitting a bottom of ₹1,358.00 on June 19 and ₹1,360.00 on June 20, noted SEBI-registered analyst Deepak Pal.

Torrent Power is currently trading above its 14-day, 55-day, and 200-day exponential moving averages (EMA), signaling a growing bullish sentiment.

On Monday, the stock opened at ₹1,469.90, dipped to a low of ₹1,438.00, and is trading at ₹1,458 at the time of writing.

The bullish strength is further supported by technical indicators, such as the relative strength index (RSI) and moving average convergence/divergence (MACD), as well as rising trading volumes, Pal added.

Fundamentally and technically, the stock appears well-positioned for further upside. Investors could consider buying in the dips at the ₹1,440 - ₹1,450 range for medium-term gains, he said, recommending a stoploss at ₹1,400.

A near-term price target of ₹1,525 - ₹1,530 is possible if the current momentum continues, Pal stated. It represents a near 5% upside over the current stock price.

The company reported an annual net profit of ₹3,059 crore on revenue of ₹29,165 crore, delivering continued growth across its gas-based and distribution segments, the analyst noted.

Torrent Power, which engages in the business of power generation, transmission, and distribution of electricity, recently received a green light from the Maharashtra Electricity Regulatory Commission (MERC) to offer parallel power distribution services in Pune, Nagpur and the Mumbai Metropolitan Region (MMR).

Retail sentiment on Stocktwits remained ‘bullish’