Swing the TORNTPOWER (NSE)

🔍 **Technical Analysis Summary:**

✅ **Trendline Support:**

* The weekly chart shows a **well-respected ascending trendline** stretching from early 2023.
* The current price action at ₹1,390 is approaching this **long-term support zone**, which has consistently provided **bullish rebounds** in the past.
* Price action continues to form **higher lows**, confirming a structurally bullish pattern.

📊 **MACD on OBV (Volume Strength Indicator):**

* The **MACD applied on On-Balance Volume (OBV)** is showing early signs of **bullish divergence**.
* This is particularly important as OBV integrates volume with price movement, and **MACD crossover at low levels** typically indicates accumulation and **potential trend reversal**.
* A bounce in OBV would further confirm strength backed by **smart volume participation**.

⚠️ **Caution Point:**

* The recent candles have shown some **indecision and consolidation**, indicating market participants are awaiting a catalyst.
* **Global cues or negative macroeconomic factors** could temporarily break the trend, but unless a strong bearish breakdown with volume occurs, this trendline remains **technically intact and valid**.

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💡 **Investment Thesis:**

TORNTPOWER is currently trading near a **strong, multi-touch ascending trendline** that has provided reliable support for over 18 months. The **MACD on OBV** is hinting at a **volume-backed trend reversal**, suggesting a **bullish bounce is likely** if macro sentiment remains neutral or positive.

🎯 **Trading Strategy:**

* **Entry Zone:** ₹1,370–₹1,400 (near the trendline support)
* **Stop Loss:** Below ₹1,300 (on weekly closing basis)
* **Upside Targets:**

* ₹1,550 (short-term resistance)
* ₹1,750+ (medium-term target if the trend continues)

🧠 Final Word:

This setup offers an attractive **risk-reward ratio** for swing traders and positional investors. Technicals favor a bounce — **stay cautious on macro cues**, but the **structure favors accumulation on dips** near the trendline.