Bullish Hidden Divergence On Cards For “PEL”

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Targets :3015-3235 Buy range :2850-2870 Stoploss :2710 Duration :4-5 weeks

Outlook :
The key observation on the price chart of Piramal Enterprises is that the stock has recently registered a breakout above the upper band of the falling channel encompassing the entire decline since June 2014 high of Rs 3088.95. It signals end of the corrective phase and start of a fresh up leg.
The stock currently rebounded taking support at or around the crucial support area of Rs .2775-2780 being the 61.8% retracement of the previous rally from Rs .2582.55 to Rs .3088.95, which also coincides with the monthly pivot levels as can be seen in the adjacent chart. In the process the stock has formed a major higher trough in the Daily chart
In the process charts also witnessed A “Hidden Bullish divergence in which stock prices making a Higher Highs, whereas oscillators(14-RSI), making a Lower Lows, which Indicates underlying strength and which occurs during retracements in an uptrend, suggesting good entry levels.
Stock is trading above its medium term ( 50-DMA ) and Longer term(200-EMA), among oscillators the daily stochastics has recently generated a buy signal and +DI has crossed above -DI thus validates positive trend in price

We expect the stock to continue its current uptrend and head towards its previous highs in the coming weeks and hence recommend a Buy in this particular stock. Entry and Exit levels are mentioned above.
Trade closed: target reached
nice bro :D
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