Piramal Enterprises Limited (PEL)

Dec 3, 2024

The daily chart of Piramal Enterprises Limited (PEL) on the NSE shows the stock trading within an ascending channel, with the price currently testing the upper resistance trendline near 1,240–1,250 INR. A breakout above this level, supported by increasing volume, could signal further bullish momentum, with potential targets at 1,300–1,350 INR. However, the RSI is above 70, indicating overbought conditions, which may lead to a short-term correction or consolidation. The MACD is bullish, with the MACD line above the signal line and rising histogram bars, further supporting the upward trend. On the downside, immediate support lies at 1,200 INR, with stronger support around 1,100 INR if the stock faces rejection at resistance. Traders should wait for a confirmed breakout before entering long positions and consider cautious profit-taking or trailing stops, as overbought conditions suggest a risk of pullback. Consolidation between 1,200–1,250 INR would warrant close monitoring for breakout or breakdown signals.