Piramal Enterprises Ltd. (PEL)
Piramal Enterprises Ltd. (PEL) on the NSE, the stock appears to be in a rising wedge pattern, which can sometimes signal a potential reversal or breakout. The price is trading near the upper resistance line of the wedge, which could lead to either a breakout above or a correction if it faces resistance. The stock has recently moved up sharply, indicating strong bullish momentum, with a current price of ₹1,119.10 and trading above the 9-day EMA of ₹1,069.76.
The RSI is at 65.22, indicating that the stock is not yet overbought but is approaching higher levels. A breakout above the wedge with good volume could trigger a further upward move, and traders might consider a buy level around ₹1,120. However, due to the nature of the rising wedge pattern, there is potential for volatility, so setting a stop loss around ₹1,060 (just below the 9-day EMA) would be prudent to limit downside risk. Keep an eye on volume and RSI to confirm any breakout or reversal.
The RSI is at 65.22, indicating that the stock is not yet overbought but is approaching higher levels. A breakout above the wedge with good volume could trigger a further upward move, and traders might consider a buy level around ₹1,120. However, due to the nature of the rising wedge pattern, there is potential for volatility, so setting a stop loss around ₹1,060 (just below the 9-day EMA) would be prudent to limit downside risk. Keep an eye on volume and RSI to confirm any breakout or reversal.
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