Stock to buy today: Piramal Enterprises (₹1,107.25)
The stock of Piramal Enterprises Limited (PEL) has been in an uptrend since early March after it found support at ₹850. It rallied and marked a five-week high of ₹1,147.30 on May 21. But after this, the price moderated and the stock closed at ₹1,107.25 on Friday. That said, the price action shows that there is a base formation and the price level of ₹1,080 is turning out to be a support. On the back of this, we expect PEL to resume the rally and appreciate to ₹1,220 in the short-term. So, buy the stock of PEL at ₹1,107 and ₹1,090. Stop-loss can be ₹1,050. When it rises to ₹1,160, revise the stop-loss to ₹1,100. On a rally to ₹1,200, trail the stop-loss to ₹1,170. Exit at ₹1,220.
Video Credit: Businessline
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