PIRAMAL is bearish on hourly.
It has closed today on support level on daily basis .
Can go short once the support level breaks .
Levels are mentioned in charts .
As the support of 2100 has been broken twice that too with high volume, closing near new 52 week low, PEL is heading towards 1650 and 1450. It would be good to wait for these levels before long term investing specially wait for 1650 by December. For Educational purpose. Please do your own analysis before investing.
#PEL now trading near Important level for future trade. If PEL break 1900 level we can see 1300-1500 level and if stock hold these levels we can see some relief rally.
1) After a strong up move there was a huge volume but the spread was minimal. but yet the price managed to close in the middle. It could have been the buyers re-entry point
2) There should be a follow through in the up move, but the stock went up without any volume, this can be either buyers withdrawn from the accumulation or the previous volume shall be sellers...
Take note of Turning Around story in India Pharma Industry. Bottoms are made. Now turning up. PEL was a much sought after stock till a year back. For last one year this good stock has been correcting. Now price is heading towards 200 DMA just like some other Pharma stocks I have been covering. Most of these are showing same pattern. Time to invest.
