Piramal Enterprises Limited (PEL) Stock - Complete Technical Analysis - Nov 19, 2024

Piramal Enterprises Stock Analysis Support, Resistance & Key Levels Technical Insights

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. Lets analyze Piramal Enterprises Limited (PEL) stock from a technical perspective. Currently trading at 1,060, PEL is facing resistance near the 1,090 range, as seen in the price action from November 19th. On that day, the stock reached a high of 1,090.10 before closing at 1,060.20, forming a bearish shooting star pattern. This suggests a potential reversal, but confirmation is needed.

The stock is hovering near its key exponential moving averages, such as the 10-period EMA at 1,048.56 and the 50-period EMA at 1,048.23. These levels will be critical to watch, as a break below could indicate further downside. On the other hand, bouncing off these levels could suggest the continuation of the uptrend.

In terms of momentum, the MACD is negative, indicating a lack of bullish pressure. The RSI is at 51.62, showing no extreme overbought or oversold conditions, suggesting a balanced market sentiment. The ADX at 11.23 implies that the stock is in a weak trend phase, with no clear directional movement.

Support is at the 1,000 mark, and if that level is broken, further downside towards 950-960 could be expected. Resistance remains near the 1,090 mark, and if breached, the stock could challenge its 52-week high of 1,143.8. Traders should be cautious of the volatility, as indicated by the ATR, which signals potential for rapid price changes. Given the current market conditions, watching for confirmation of either a reversal or continuation is key.