Piramal Enterprises (NS:PIRA) Ltd
NSE: PEL BSE:500302 Sector: Pharmaceuticals
Piramal Enterprises Weekly Chart
Piramal Enterprises yesterday rallied 10.5% and closed at 2166.70 on NSE. It was the top gainer in the F&O underlying. The 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”. On NSE, the stock hit a 52-week high and surpassed its previous high of Rs 2,007.70, touched on March 3, 2021.
What’s Ahead? Technical outlook of PEL:
The stock is trading in an uptrend and has closed on a positive note in the last three trading sessions. We plotted Fibonacci retrenchment on Piramal Enterprises weekly chart and observed that the stock in Tuesday’s trading session had tested Fibonacci levels 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 a further up move. Intraday traders can follow a strategy to short sell stock if the stock opens & sustains below 2228. Stoploss for the short position should be kept at 2250 levels, and targets would be at 2105- 2066.