PI Industries Limited Technical Rationale
- After a short period of consolidation, the stock is again geared for its next leg of the up move. On 30th April 2020, PI Industries has decisively broke-out from the cup and handle pattern at ₹ 1,540 supported by good volumes.
- The share price has also witnessed 20 DMA crossing over 50 DMA on a daily interval which is a bullish signal for the short term.
- Momentum Oscillator RSI (14) is above 60 which indicates also indicates the bullish bias.
- The ADX (14) is above 25 which confirms the existing trend to continue.
- The depth of the cup is around 600 points which makes the target of around ₹ 2,000 - ₹ 2,050 within 6 months i.e. upside of around 25% from the Current Market Price.
CMP: ₹ 1,590 | Target Price: ₹ 1,990 | Stop Loss: ₹ 1,460 | Time Frame: 4-6 Months | Upside: 25%