Aditya Agarwala
On the weekly chart, PI Industries is on the verge of a breakout from the channel pattern neckline placed at Rs 790 levels.
A sustained trade beyond the neckline with healthy volumes can extend the rise to levels of 865-900. Further, on the daily chart, the stock has taken support at the 78.6% retracement level and turned upwards suggesting bullishness.
The RSI has turned upwards after taking support at 40-level suggesting extended bullishness in the coming trading sessions. The stock may be bought in the range of Rs 768-773 for targets of Rs 815-880, and keep a stop loss below Rs 740.
Disclaimer: The author is Technical Analyst at YES Securities (I) Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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