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Price and trend forecast of PEL for Tomorrow, Weekly, Monthly

Piramal Enterprises Limited

Symbol: NSE:PEL

ISIN: INE140A01024

837.55

As on 2024-04-16

696.55 (52W Low) 1,139.95 (52W High)

PEL's Today's Performance

Piramal Enterprises Limited started the day by opening at 832.95 today 2024-04-16. Its shares reached a high of 849.50 and dipped to a low of 825.00 in intraday. When the markets closed, PEL’s stock price settled at ₹837.55 per share. Also check out its key support and resistance levels.

PEL Buy/Sell Targets

Tomorrow, buy PEL when its price reaches ₹ 837.55 with a stop-loss order at ₹ 824.91. You can set the target price as ₹ 850.19 to capture potential gains. This buy position balances the risks and rewards evenly, aiming for a 1:1 risk-reward ratio.

In the sections below, we will discuss detailed share price target of PEL for tomorrow's session along with weekly support and resistance. Please note that these share targets analysis is only valid for tomorrow and the current trading week and month.

Important Resistance for PEL

Resistance Levels Value in ₹
Tomorrow Resistance 1 850
Tomorrow Resistance 2 862
Tomorrow Resistance 3 874

Important Supports for PEL

Support Levels Value in ₹
Tomorrow Support 1 825
Tomorrow Support 2 813
Tomorrow Support 3 801
Based on where the stock opens tomorrow, if PEL opens on a positive note, our first target will be ₹850. If Target 1 is achieved, we will aim for Target 2 which is ₹862.

But if PEL falls below the average value of ₹837.35, you can enter a sell side position with target number 1 - ₹825 and second target - ₹813 This average value also act as support and resistance level. When the stock is trading above the average, it will act like support area. Another important thing is, stocks usually get back to this average value when the price trades too far from avg. In simpler words we can consider the average price as a magnet.

Daily Volume chart of PEL

Looking at PEL, we've seen a Decreasing trend in its trading volume over the past week, which really tells us how active traders have been with this stock.

In terms of its price, PEL has been on a Downward path, giving us insights how its value changes in the market.

Based on this, the predicted sentiment for PEL is moderate bearish.

Tomorrow's Volume based share price Forecast for PEL

PEL's Volume is currently in a Decreasing trend, and Price is in a Downward direction. Therefore, we can say the stock is in a moderate bearish trend. Volume trend strength over the last month compared to the last week is -33%.

Reversal detection for PEL

Predicted trend chart of PEL tomorrow for price forecast
PEL may trend may continue to be bullish since stock is making higher highs and we can get target of ₹843 in morning tomorrow
Target 1 tomorrow847
Target 2 tomorrow852
Target 3 tomorrow862
 

Investferry’s trend analysis method detects short term overbought and oversold situations to identify reversal in stocks. Use this as reference for short term counter trend trades.

Combine this trend forecast with PEL's tomorrow's target prediction and you will have a base for what can be done in the upcoming trading session.

Based on where the stock opens tomorrow, if PEL opens on a positive note, our first target will be ₹849.70. If Target 1 is achieved, we will aim for Target 2 which is ₹861.85.

But if PEL falls below the average value of ₹837.35, you can enter a sell side position with target number 1 - ₹825.20 and second target - ₹812.85

PEL's Weekly Targets
1st Up Target 856.57
2nd Up Target 875.58
1st Down Target 821.77
2nd Down Target 805.98

As the week for PEL ended on bearish sentiments, we can expect further continuation of this sentiment. PEL's initial target will be 856.57 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 821.77 in the upcoming week.

Weekly OHLC Values
Open 840.05
High 859.80
Low 825.00
Close 837.55

Week for PEL started with an open price of 840.05, and the close was at 837.55. PEL reached the highest of 859.80 and dipped lowest up to 825.00 last week. This indicates a bearish sentiment for the week.

PEL full month swing targets
Monthly Up Target 1 891.37
Monthly Up Target 2 910.38
Monthly Down Target 1 786.97
Monthly Down Target 2 736.38

Targets of ₹891.37 can be expected to be reached in the coming month. Once PEL achieved this target, we can aim for the next upside target of ₹910.38.

PEL if fails to hold upside, down targets of ₹786.97 and ₹736.38 can be achieved by end of this month.

For complete three weeks if PEL is bullish, the stock may decline in the last week on the month as traders usually close their positions. So in this case, you should aim for weekly support level which will act as targets here.

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Summary

PEL is expected to reach the target of 849.70 in tomorrow's trading session.

After achieving the initial target in PEL, we will aim for higher targets of 861.85 tomorrow.

However, if PEL starts to trade below ₹837.35, then we will shift our focus to the sell side and aim for down targets of 825.20 and 812.85.