Torrent Power share price jumps over 7% on ₹3,650 crore order win; here's what technical analysts say

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Torrent Power share price jumped over 7% on Monday's trading session following the receipt of a Letter of Award for the establishment of 300 MW (RE Power) Grid-Connected Wind Solar Hybrid Projects from Torrent Power Limited-Distribution Unit. The company stated in an exchange filing that the order is valued at ₹3,650 crore.

Torrent Power shares today opened at ₹1,185.40 apiece on the BSE, and touched an intraday high of ₹1,249.25 and a low of ₹1,184 per share. Also Read: RailTel Corporation stock extends winning streak for 3rd straight day, gains 8% on ₹352 crore order win According to Ruchit Jain, Lead Research Analyst at 5paisa, the Torrent Power stock price has been forming a higher top higher bottom structure, and hence the trend remains positive.

For short term, the 40 DEMA at ₹1,100 will be seen as immediate support. “The stock has experienced a significant increase post opening, rising approximately 6% despite the current downturn in the market.

This surge is accompanied by robust trading volumes, suggesting potential for further upward momentum. Should these gains hold, it's conceivable that the stock could advance towards the 1,350 mark in the near future," explained Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.