Mehul Kothari expects a pullback rally in Tata Steel, PEL; check why

According to the technical analyst from Anand Rathi, Piramal Enterprises can rally to Rs 950, while EaseMyTrip can jump to Rs 120.

BUY

Piramal Enterprises (PEL)

Buy Near: Rs 870

Target: Rs 950

Stop Loss: Rs 830 

Recently we witnessed a range breakout in the stock above Rs 880 levels and that too with decent volumes. Then after the stock witnessed a pullback towards the breakout price.

As per the price action; PEL is poised to reach higher level of Rs 950 which is the placement of its 200 DEMA. Thus, we advise traders to go long in the stock near Rs 870 with a stop loss of Rs 830. 

BUY

Tata Steel

Buy Near: Rs 108

Target: Rs 120

Stop Loss: Rs 102 

At this point in time; the stock seems to be trading in an oversold zone and is now approaching few important support levels.

We are witnessing a rising trend line support of the stock near Rs 105 mark. Below the trend line; we have a placement of 200 DEMA and DSMA.

Thus, we advise traders to go long in the stock near Rs 108 with a stop loss of Rs 102. 

(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).