Piramal Enterprises Ltd
NSE :PEL   BSE :500302  Sector : Pharmaceuticals

Piramal Enterprises Ltd stock soared 5.38% today on Tuesday and closed at 2446.30 on NSE. Stock tested intraday high 2494.45 The stock is up 93.67% in the last one year as compared to a 51.34% jump in NIFTY and a 52.72% jump in the Nifty Financial Services index.

On weekly chart Fibonacci retrenchment is plotted from swing high at 3229.35 on 31st Aug 2018 to low at 606.85 on 24th Mar 2020 we observed that stock has surpassed 61.8% Fibonacci level at 2227.55 and is heading towards 78.6% Fibonacci level at 2668.15, If we look at Comparative Relative Strength Indicator shows stock is outperform Index since last few trading sessions. We recommend buying stock with stop loss placed below 2227.55 on closing basis and immediate target expected is 2668.15 in next few trading sessions. If stock closes below 2227.55 we need to recheck the technical setup in Piramal Enterprises.