Sell Punj Lloyd future; target of Rs 68: Aditya Birla Money

“Punj Lloyd, prices are on a recovery note and have gained ground significantly over the last one month. From an Elliot wave perspective the said recovery seems to have unfolded a-b-c zigzag corrective pattern where the first two legs have been completed and last leg is currently underway. Short-term indicators are hovering near the overbought territory and based on price action over the last two sessions near the resistance zone of Rs 78/80 (formed by the April Highs and the higher end of shown rising channel) it is possible could witness some profit booking and see dips towards the supports near Rs 72.50 and then Rs 68 levels in the coming sessions. However, a break below the chart-gap support of Rs 76.40/75.90 is required to confirm the same and turn the sentiments weak. Until then the sentiments could remain mixed and find stiff resistance near the said levels. Sell Punj Lloyd futures initially below Rs 75.90 and then on any rise to Rs 77 with stop loss of Rs 79.10 for a possible target of Rs 68,” says Aditya Birla Money research report.

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