PI IN­DUS­TRIES

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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.

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