Daily Stock to Watch : PI Industries

PI Industries recently witnessed a reversal in trend favoring upward momentum after consolidating in multiple price range levels including a decline from 52-weeks high over the last 3 months. The stock has positive breakout seen on daily and weekly basis aided PI Industries to form a medium bullish chart pattern.

 The daily RSI placed at 62 signals a buying regime at a current level along with positive cues from MACD which suggests an upward shift. The stock has a support at 829 levels and resistance level at 880. We have a buy recommendation for PI Industries between 880-882 level for a target of 900-915 and a stop loss of 859.

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Market Commentary

Sun Pharma, Coal India, JSW Steel and Zee Entertainment gained the most, while Hero MotoCorp, HDFC, and Bharti Infratel lost the most.

Nifty50 continued its corrective phase for fourth session in a row but seems to be attracting some support between 10,850–10,800 levels as the pace of fall on the downside is somewhat sluggish in this zone

News Highlights

Reliance General Insurance Company Limited has filed the draft red herring prospectus (DRHP) with SEBI.

•India and Russia have drawn up an ambitious agenda to boost strategic partnership through joint efforts at various economic fora in 2019.

To Watch Daily Stock to Watch :  Capitalheight