In the previous session, Market traded on a narrow range and closed the day with a net loss of 86 points. The Nifty index saw a negative opening in the morning and traded in the range bound throughout the day. Technically, the Nifty index made a Doji candle on the chart which indicates indecision in the market. Traders should be focused on ‘buy on dips’ strategy for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Monday, October 04,2021’ the market opens.

Piramal Enterprises Ltd

NSE :PEL   BSE :500302  Sector : Pharmaceuticals

On the daily time frame, we can see that in an ongoing trend the stock was in a correction phase for a few days. In the last trading day, Stock closed with a bullish candle near 2655 levels. Stock formed a Bullish Engulfing candle on the chart.

As per Band Bollinger indicator, Prices are comfortably closed above the Middle Bollinger Band which is a sign of bullishness for the coming session as long as the lower Band is intact on downside. The Relative Strength Index (RSI) on the daily chart is 52.22, which shows the strength in upward momentum.

In short, the trend for PEL looks to be positive for now. We can expect it to reach a target of 2700/2850 levels based on our analysis. Add more on dips around 2600 levels. This outlook is valid as long as we do not see any closing below lower Band Bollinger.

Check More Analysis on PEL at: Piramal Enterprises Ltd.