Key Events This Week
19 Jan: Stock opens at ₹1,336.55, down 1.54% amid broader market weakness
20 Jan: Technical momentum shifts to mildly bearish, stock declines 1.04%
21 Jan: Surge in open interest by 12.56%, stock falls 1.78%
22 Jan: Renewed market interest with 11.6% open interest rise, stock gains 1.84%
23 Jan: Open interest spikes 13.01%, stock drops 3.95% closing the week at ₹1,270.80
Monday, 19 January 2026: Weak Start Amid Market Decline
Torrent Power opened the week at ₹1,336.55, down ₹20.85 or 1.54% from the previous Friday’s close of ₹1,357.40. The decline was sharper than the Sensex’s 0.49% drop to 36,650.97, signalling early weakness. The stock traded on moderate volume of 6,183 shares, reflecting cautious investor sentiment amid broader market volatility. This initial setback set the tone for a challenging week ahead.
Tuesday, 20 January 2026: Technical Momentum Shifts to Mildly Bearish
On 20 Jan, Torrent Power’s share price fell further by 1.04% to ₹1,322.70, underperforming the Sensex’s 1.82% decline to 35,984.65. Technical analysis indicated a shift from sideways consolidation to a mildly bearish momentum, with key indicators such as MACD and moving averages signalling weakening short-term strength. The stock traded within a range of ₹1,332.65 to ₹1,366.80 intraday, reflecting moderate volatility. This technical shift suggested increased caution among traders amid market fluctuations.
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Wednesday, 21 January 2026: Surge in Open Interest Amid Continued Price Decline
The stock declined 1.78% to ₹1,299.15, marking its third consecutive session of losses and underperforming the Sensex’s 0.47% drop to 35,815.26. Notably, open interest in Torrent Power’s derivatives surged by 12.56% to 15,107 contracts, signalling increased market participation and shifting sentiment. Futures volume was robust at 11,282 contracts, with combined futures and options turnover reaching ₹3,79,988 lakhs. Despite the price weakness, delivery volumes rose 2.94%, indicating some accumulation by investors. The stock traded below its 5-day, 20-day, 50-day, and 200-day moving averages, reflecting short- to medium-term bearish momentum.
Thursday, 22 January 2026: Renewed Market Interest and Price Rebound
Breaking the losing streak, Torrent Power gained 1.84% to close at ₹1,323.05, outperforming the Sensex’s 0.76% rise to 36,088.66 and the power sector’s 1.58% advance. Open interest increased by 11.6% to 15,307 contracts, supported by a volume of 7,621 contracts, signalling fresh capital inflows rather than position unwinding. The stock remained above its 50-day and 100-day moving averages, though still below shorter and longer-term averages, indicating mixed momentum. Delivery volume surged 16.68% to 1.53 lakh shares, reflecting growing investor conviction. This rebound suggested a potential short-term trend reversal amid sectoral tailwinds.
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Friday, 23 January 2026: Sharp Decline Amid Rising Open Interest
The week ended on a weak note with Torrent Power falling 3.95% to ₹1,270.80, underperforming the Sensex’s 1.33% decline to 35,609.90. Open interest surged 13.01% to 15,036 contracts despite the price drop, indicating increased speculative or hedging activity. Futures volume was 6,980 contracts, with combined futures and options turnover at ₹23,756.75 lakhs. The stock traded below all major moving averages, signalling a bearish technical setup. Delivery volumes fell sharply by 51.83%, suggesting a shift towards non-delivery speculative positions. The stock’s 3.25% intraday low reflected selling pressure aligned with a 3.2% sector decline, underscoring sectoral headwinds.
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-01-19 | Rs.1,336.55 | -1.54% | 36,650.97 | -0.49% |
| 2026-01-20 | Rs.1,322.70 | -1.04% | 35,984.65 | -1.82% |
| 2026-01-21 | Rs.1,299.15 | -1.78% | 35,815.26 | -0.47% |
| 2026-01-22 | Rs.1,323.05 | +1.84% | 36,088.66 | +0.76% |
| 2026-01-23 | Rs.1,270.80 | -3.95% | 35,609.90 | -1.33% |
Key Takeaways
Mixed Technical Signals: The week saw a shift from sideways to mildly bearish momentum, with the stock trading below most moving averages. While short-term indicators suggested weakness, occasional rebounds hinted at underlying support near key levels.
Rising Open Interest: A consistent surge in derivatives open interest throughout the week indicated heightened market participation and repositioning, often associated with increased volatility and speculative activity.
Volume Patterns: Delivery volumes rose midweek, signalling some accumulation, but sharply declined on Friday, suggesting a preference for non-delivery speculative trades amid uncertainty.
Sectoral Headwinds: Torrent Power’s performance aligned with a broader power sector downturn, reflecting regulatory and demand-side challenges impacting investor sentiment.
Mojo Score and Rating: The stock holds a Mojo Score of 52.0 with a Hold rating, upgraded from Sell in July 2025, indicating a cautious but stabilising outlook amid current volatility.
Conclusion
Torrent Power Ltd. faced a turbulent week marked by a 6.38% decline amid broader market and sectoral pressures. The stock’s technical indicators and rising derivatives open interest suggest a complex interplay of bearish momentum and renewed investor interest. While the midweek rebound offered a glimpse of strength, the sharp sell-off on Friday and sustained trading below key moving averages highlight ongoing challenges. The Hold rating and moderate Mojo Score reflect a balanced view, urging investors to monitor evolving technical signals and sector developments closely. Overall, Torrent Power remains a stock navigating uncertainty, with its near-term trajectory dependent on market sentiment and sectoral catalysts.
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