I am holding shares of PI Industries at Rs 787. The stock has bounced back till that level now. So shall I hold or exit at cost?
- Chitra Adityanag
HOLD PI INDUSTRIES WITH A STOP LOSS OF RS 740
PI Industries is currently trading at Rs 795. Its 52-week high/low stand at Rs 950.10/Rs 674.15 made on February 2, 2017 and August 11, 2017, respectively, which shows that the stock has witnessed lower tops, lower bottoms, after hitting 52-week high and is consolidating at the current levels. At the bottom, the stock has formed an ascending triangle pattern and just gave a breakout at Rs 788 level and sustained on a closing basis. Considering the weekly pattern, the stock is trailing above 61.8% retracement of the prior downward rally. Volumes have taken a pick-up in the last two weeks. Thereby, we suggest you to hold the stock for further upside and maintain a stop loss of Rs 740.