Piramal Enterprises Ltd. (PEL)

há 5 diasPiramal Enterprises Ltd. (PEL) on the NSE, the stock appears to be in a rising wedge pattern, which can sometimes signal a potential reversal or breakout. The price is trading near the upper resistance line of the wedge, which could lead to either a breakout above or a correction if it faces resistance. The stock has recently moved up sharply, indicating strong bullish momentum, with a current price of ₹1,119.10 and trading above the 9-day EMA of ₹1,069.76.
The RSI is at 65.22, indicating that the stock is not yet overbought but is approaching higher levels. A breakout above the wedge with good volume could trigger a further upward move, and traders might consider a buy level around ₹1,120. However, due to the nature of the rising wedge pattern, there is potential for volatility, so setting a stop loss around ₹1,060 (just below the 9-day EMA) would be prudent to limit downside risk. Keep an eye on volume and RSI to confirm any breakout or reversal.