Piramal Enterprises Ltd

NSE :PEL   BSE :500302  Sector : Pharmaceuticals

Piramal Enterprises today rallied 10.5% and closed at 2166.70 on NSE. It was top gainer in the F&O underlying. Stock has seen a rally as there was news in the stock. “The Mumbai bench of the NCLT has approved the Piramal Group’s resolution plan for DHFL”. The stock hit a 52-week high and surpassed its previous high of Rs 2,007.70, touched on March 3, 2021 on NSE.

What’s Ahead? Technical outlook of PEL:

Stock is trading in an up trend and closed on a positive note in the last 3 trading sessions. We plotted Fibonacci retrenchment on Piramal Enterprises weekly chart, we observed stock in Tuesday’s trading session has a tested level of 0.618% which is at 2227.55. This level will act as strong resistance for the stock and the stock needs to surpass 2227.55 to see further up move. Intraday traders can follow a strategy to short sell stock if stock opens & sustains below 2228. Stop loss for the short position should be kept at 2250 and targets are 2105- 2066.

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