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Piramal Enterprises (₹856.7)
At a resistance level
Piramal Enterprises’ stock, since September last year, has been in a downtrend. It fell off the resistance at ₹1,100. After the calendar turned 2024, the stock started to chart a sideways movement. Last month, it slipped below a support at ₹860. Also, the 50-day moving average resistance is at ₹880, which can restrict the rally.
So, the probability of a fall in price from the current level is high. The nearest notable support is at ₹660. We recommend going short now at ₹860. Place initial stop-loss at ₹900. When the price drops below ₹800, modify the stop-loss to ₹850. Tighten the stop-loss further to ₹800 when the stock declines to ₹750. Liquidate the short position at ₹700.
Quess Corp (₹611.7)
Makes higher highs
Quess Corp’s stock has been in an uptrend since May last year. A couple of weeks ago, it moved above the 200-week moving average and made a higher high. Thus, the price action now shows that the stock could appreciate further from the current level. Although ₹650 is a minor resistance, we expect Quess Corp share price to surpass this level and touch ₹750 in the near term.
That said, traders should note that there is a chance for the price to dip to ₹550 before rallying. So, one can buy now at ₹610. Buy more shares in case the stock corrects to ₹550. Place stop-loss at ₹450. When the price goes above ₹650, raise the stop-loss to ₹620. On a rally to ₹700, exit one-third of the positions. Hold the remaining with revised stop-loss at ₹670. Exit them at ₹750.
Timken India (₹2,937.5)
Bounces off range bottom
Timken India’s stock, between the first week of February and the first week of March, saw a sharp fall in price. But the decline was arrested by the support at ₹2,680 last month. Over the past month, it has been appreciating gradually by taking support at ₹2,680. Notably, the scrip has been oscillating between ₹2,680 and ₹3,500 since September 2022.
Since the stock has rebounded from the range bottom, the chances of a rally from there are high. But the price could soften to ₹2,760 from here before the next upswing. Traders can go long now at around ₹2,940 and accumulate at ₹2,760. Place initial stop-loss at ₹2,490. When the stock rises past ₹3,200, tighten the stop-loss to ₹3,000. Book profits at ₹3,480.
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