PEL trade ideas
PEL, Learn & Earn (Symmetrical trinagle)PEL has broken from ST on down side and if crosses below 904 can move till 870 and further down.
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PEL Inside Bar TradeLong if it breaks the high of the previous day with a stop loss at the previous day's low.
Short if it breaks the low of the previous day with a stop loss at the previous day's high.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed in first 5 minutes and follow ORB strategy.
PELFirmly believe that this stock might have seen its worst and has a very small probability that it will form a low below this month's low.
Fundamentally except the fear of NPA's there isn't much wrong with this stock. Has a robust pharma business which i feel is very valuable and now with the non compete removed it can grow leaps and bounds again. The promoter knows a thing or 2 about pharma having sold his last pharma venture for a massive profit.
On the financial side of the business the debt/equity is below one and all efforts are being made to reduce the cost of capital. One of the few NBFC's with enough ammo to actually inorganically grow its book its book in these markets and I'm sure Ajay Piramal will be looking at the same. The loan book might be allowed to restructure loans on a one time basis thanks to Covid which will be positive for the co too.
I would love to see this stock revisit its recent lows where I did buy a little bit (around 675 but barely 2% of my portfolio) but would like to scale it up enough coz of my belief that the promoter has always been transparent and has great pedigree to develop this company post the virus issues are out of the way.
Will surely buy more below 700 if the price does visit there once again.
Technically even after getting hammered the price did close above a key Fibo level which is also good. :-)
PEL Levels for 11-Mar-2020(Intraday)Good bullish divergence made in pel
Buy above 1225 for 1235,1255,1300
Sell below 1190 for 1180,1160,1100
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PEL Levels for 09-Mar-2020(Intraday)Pel closed near Fib level 0.78% major support zone with bullish spin bar with double bottom structure
Above 1320 for 1330,1350,1400
Below 1280 for 1270,1250,1200
Critical Zone- 1280-1320(sideways)
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PEL - Double bottom Failure PEL after double bottom - during retrenchment, did't cross confirmation level and also reached lower than first bottom in double bottom pattern.
As we can see currently PEL is critical long term support (from Jun 2016)
We can expect bounce back or further fall if breaks support level.
Add to watch list ...
PEL - Critical SupportAnother NBFC surviving on all kinds of supports for now. Short term, Medium Term and Long Term trendily support coupled with a FIBO support.
PEL - Head and ShoulderWatch this stock. I have been targeting a price of close to Rs 1000 where i'd like to enter and sit on the co as a long term investor.
If this breakdown pattern plays out the fall could be steep, fast and brutal.
Watch this space. Keep stock on watch list.
