I have bought shares of PEL at Rs 2810 in August, but the stock is trading around the same level. What should I do?
EXIT PIRAMAL ENTERPRISES BELOW RS 2660
- Aashok Chandra PEL is currently trading at Rs 2835. Its 52-week high/low stand at Rs 3083.05/Rs 1377.50 made on June 13, 2017 and November 15, 2016, respectively. PEL gave a breakout at Rs 2810 level, but could not sustain and retreated back to the current level. Currently, PEL holds a kind of multiple resistance breakout at Rs 3000-3025 levels on a closing basis. However, poor volumes and 14-period RSI quoting at 54 depicts lack of momentum in the stock for now. The Rs 2925-2930 levels may give some momentum to the stock. Hence, we suggest you to hold and exit the stock below Rs 2660-2640 levels, as below that, the stock has support at Rs 2530.