Navigating the Waves: Piramal Enterprises Technical StudyTechnical Analysis of Piramal Enterprises (NSE: PEL)
This analysis is shared for educational purposes only and should not be considered financial advice.
Overview
Piramal Enterprises has shown a promising breakout with significant volume, indicating strong bullish momentum. The Elliott Wave analysis also suggests a positive structure, pointing towards potential further gains.
Elliott Wave Analysis
Wave 1: The stock completed its first impulse wave (1) near 1,140 INR.
Wave 2: The corrective wave (2) concluded around 735.85 INR.
Wave 3: The ongoing wave is expected to be an impulse wave 3, targeting higher levels.
Current Structure
- The stock has completed the corrective wave C of (2) and is now in the early stages of wave 3.
- The recent breakout above the black trendline suggests the start of wave (i) of 3, supported by increasing volume, adding to the bullish sentiment.
Key Levels
- Current Price: 977.85 INR
- Nearest Invalidation Level: 905.00 INR
- Major Invalidation Level: 630.45 INR
Targets
- Elliott wave suggests ahead wave 3 first levels (1.0 Fibonacci Extension of Wave 1): 1,246.00
- Elliott wave suggests ahead wave 3 ideal level (1.618 Fibonacci Extension of Wave 1): 1,561.25
Conclusion
Piramal Enterprises has provided a strong breakout backed by volume, aligning well with the Elliott Wave theory. The structure indicates a continuation of the uptrend with potential targets at 1,246 INR and 1,561.25 INR. The nearest invalidation level is at 905 INR, with a major invalidation level at 630.45 INR.
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The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
