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Triveni Turbine: Riding the bullish wave with strong momentum

18 September 20233 mins read by Angel One
Triveni Turbine Ltd is a leading player in power generation equipment and solutions. Recent stock analysis reveals a Bullish Up Flag pattern, showcasing strong momentum, supported by robust indicators and breakout signals.
Triveni Turbine: Riding the bullish wave with strong momentum
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Triveni Turbine Ltd operates as a prominent holding company, specialising in the operation, manufacture, and maintenance of steam turbines. With a focus on power-generating equipment and solutions, the company has a rich history and stands as a key player in the industry. Founded on June 27, 1995, and headquartered in Noida, India, Triveni Turbine Ltd has evolved to become a leading force in the power generation sector.

Triveni Turbine Ltd primarily engages in the business of manufacturing and supplying power-generating equipment and solutions. Initially, it was a division of Triveni Engineering & Industries Ltd., dating back to the 1970s. However, it was demerged into a separate entity in October 2010. A notable strength of the company is its almost debt-free status, which enhances its financial stability and growth prospects.

A comprehensive analysis of Triveni Turbine’s stock performance from the mid-week of June 2023 (at Rs 430.50) to the first week of September 2023 (at Rs 415.20) unveils an intriguing technical pattern known as the Bullish Up Flag. This pattern hints at the potential for a significant price movement in the near future. In the past week, Triveni Turbine captured the spotlight with an impressive surge, surpassing 7.48%, accompanied by above-average trading volumes exceeding 5.2 million shares. This trading action marked the breakout of the mentioned technical price pattern.

Presently, Triveni Turbine confidently trades above the breakout trendline, which is situated around Rs 440, and even reached an intraday high of Rs 449.35. Discerning long-term investors are encouraged to consider seizing this breakout opportunity. The projected target for this pattern revolves around Rs 515, implying a substantial surge of over 25% from the breakout point.

Adding to the optimistic outlook, the 14-week relative strength index (RSI) comfortably positions itself within the bullish zone, hovering around 70. This underscores the company’s favourable standing. Supported by robust momentum indicators indicated by short-term key moving averages, both momentum traders and long-term investors have compelling reasons to consider Triveni Turbine as an attractive candidate for strategic inclusion in their upcoming trading strategies.

In a robust bullish market environment, Triveni Turbine’s potential for a 25% upside offers investors seeking growth and diversification an enticing opportunity to explore. With its strong performance and promising outlook, the company stands poised to contribute to the portfolios of investors looking for growth avenues amidst bullish momentum.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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