Piramal Enterprises Ltd

NSE :PEL   BSE :500302  Sector : Pharmaceuticals

Stock today has seen a sharp up move and closed with 6% gains at 1808. PEL was top gaining stock in the F&O segment. Stock has seen a fresh breakout. Nifty Comparative RSI is signalling an up move in the stock is yet to be seen. When Fibonacci retrenchment is plotted it shows stock has reached 0.50% where stock may see some profit booking after today’s buying.

From here stock provides an opportunity to go long on corrections. Immediate support in the stock lies at 1755 level. Till stock holds this level, has potential to head towards a higher level. Immediate resistance lies at 1810. If stock sustains above 1810 level for 15-30 mins in the tomorrow trading session follow up buying can be seen. Swing Trades and Intraday traders can go long on stock once sustains above 1810 for the target of 1854- 1884. If stock slips below 1755 we need to review the technical setup and chart structure of the stock. Investors should accumulate stock on correction till 1755 for the targets of 1921 in the next few trading sessions.

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