Piramal: Long-term support broken

| Updated on January 28, 2014 Published on January 28, 2014

Piramal Enterprises, a pharmaceutical company, tumbled almost 4 per cent on Tuesday, breaching its 50-day moving average as well as a key long-term support at ₹540 on Tuesday. It is hovering well below its 200-day moving average. The indicators on the daily chart have entered the bearish zone, backing the downtrend. This slide can extend until the stock takes support from an important band between ₹490 and ₹500. Resistances to watch ahead are pegged at ₹540 and ₹564.

Published on January 28, 2014
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