Navigating the Waves: Piramal Enterprises Technical Study

16 Jul

Technical 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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My studies are for educational purpose only.
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Thanks
RK💕

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