Torch is initially held for waving (8)
I believe the answer is:
brandish
'waving' is the definition.
(brandish is a kind of waving)
'torch is initially held' is the wordplay.
'torch' becomes 'brand' (I can't explain this - if you can you should give a lot more credence to this answer).
'initially' says to take the initial letters.
The initial letter of 'held' is 'h'.
'brand'+'is'+'h'='BRANDISH'
'for' is the link.
Can you help me to learn more?
(Other definitions for brandish that I've seen before include "parade" , "Flourish aggressively" , "Triumphantly draw attention to" , "Flourish (a weapon)" , "Wave vigorously" .)