Piramal Enterprises Limited (PEL) Stock - Complete Technical Analysis - Oct 24, 2024

Piramal Enterprises Technical Analysis: Key Support and Resistance Levels Explained

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. In this detailed technical analysis of Piramal Enterprises Limited, we observe the stock trading at 1,052. Following a significant surge to its 52-week high of 1,143.8, PEL has retraced about 8% recently. Currently positioned 42.85% above its 52-week low, the stock reflects a bullish sentiment in the longer term.

The recent price behavior indicates a range of volatility, with the stock bouncing from a low of 995.00 to a high of 1,061.60 within a single trading session. Such fluctuations reveal potential trading opportunities. Key indicators like the Average Directional Index (ADX) at 13.79 signify a weak trend, while the Relative Strength Index (RSI) of 49.45 suggests that the stock is in a neutral zone.

Focusing on moving averages, the 10-period EMA stands at 1,050.14, acting as a crucial support level, along with the 50-period EMA at 1,041.54. Should the stock maintain levels above these EMAs, traders may anticipate a bounce back toward the resistance at 1,061. Conversely, breaking below 1,041 may indicate a bearish reversal, inviting further selling pressure.

In summary, monitoring price action around the critical levels of 1,061 resistance and support near 1,050 and 1,041 will be vital for traders navigating PELs future movements.