Buzzing stocks-PEL up almost 11% hit bullish swing targets 2715 and 2950

Piramal Enterprises Ltd stock technical analysis on 15th may 2017

Piramal Enterprises Ltd stock technical analysis on 15th may 2017

PEL stock today was top gainer in F&O segment and closed at 2668. Stock closed with almost 11% gains, opened at 2670, hit low of 2660 and high was at 2950. Stock was in bullish trend and given bullish breakout at 2300 level since then trending higher and higher and today we saw strong spurt in prices and PEL stock hit may bullish swing targets of 2715 and 2950 in single session.   On downside now 2580 and then 2450 are moving support zones as well as buying zones on retracement with stop loss. On upside 2950 remain target. Daily closing above 2950 means super bullish rally for PEL stock and price targets of 3360 and then 3590.   Future traders above 2450 can hold bullish view for stock and follow buy on dips strategy with stop loss for minimum targets of 2715 and 2950 again. Option traders can also trade in in the money call options on decline but must check option contract liquidity before trading.   From long term view, PEL look strong bullish and hit all it investment targets of 2017 and trading way above them. Bullish trend started at 1550 and targets were 1740-1935-2122 and last 2318. Above 2318 on weekly closing basis might continue super Bull Run for big upsides?

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Pramod Baviskar

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