Technical Pick of the Week #14 - Piramal Enterprises
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Aman Baheti
Price Action Analysis:
The stock had formed a top in June 2023 at INR 1085-1090 zone. It reversed from the INR 730-750 levels in June and formed a bottom. It broke out above INR 1000 and is now headed to its previous top of INR 1090.
Moving Average:
The 50 and 100 EMA signaled a bullish crossover in July, which triggered a fresh buying in the stock. The50 EMA can act as a strong support for the stock in the upcoming months and any dip around this level can be bought.
Bollinger Bands:
The stock had been trading near the upper band of the Bollinger for over two weeks now. A bullish momentum started as the stock broke the band above INR 1,050
Mool’s Outlook
We anticipate a target of INR 1,150 in the stock in the next 6-8 months, which reflects a 12% upside in the stock.
Stop Loss should be maintained at 925
Disclaimer:
Mool Capital Limited is a SEBI Registered Research Analyst having registration no. INH000012449. This report has been prepared by Mool Capital Pvt. Ltd. and is solely for information of the recipient only. The report must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. This document is not, and should not, be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. This report should not be construed as an invitation or solicitation to do business with Mool Capital. Mool Capital and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.
Piramal Enterprises (PEL) is one of India’s leading diversified NBFC with assets worth ~$10 billion, with a network of over 400 branches across 26 states/Union Territories.
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