Technical Picks to Keep an Eye On: PI Industries Ltd & Bank of Maharashtra

PI Industries Ltd & Bank of Maharashtra are identified as upside potential stocks based on technical analysis. Both stocks have displayed promising structures and technical setups, including price volume contraction, and the potential to bounce back and breakout. Currently trading at Rs 3,747 and Rs 67 respectively, their price aligns with positive signals from technical indicators like RSI and ADX, suggesting a likely breakout scenario.

PI Industries Ltd

The daily chart of PI Industries Ltd

On the daily chart, PI Industries Ltd is presently showing a promising picture; the stock price is crossing the 50-day EMA and breakout a crucial level for initiating a new uptrend. The stock price may resume its strong momentum-up in the coming trading sessions if it manages to cross and close above the level marked on the chart, with the support of decent volume like the current volume.

Those considering a possible trade-in PI Industries Ltd might purchase the stock at the current price with a stop loss of Rs 3,630 on a closing basis and aim to capitalize above the 52-week high.

The stock price is currently trading above its 50-day EMA, suggesting it is likely about to turn short-term bullish once more after the signs of substance above the current level. The stock appears mild bullish when one looks at the Relative Strength Index, which is now trading at 62.37. The ADX of 12 indicates the present state of price momentum, which is moving with low momentum.

In the event of a retracement, it is essential to monitor key support levels, particularly at Rs 3,600. The minor upper resistance is 52-week high and if the stock closes above resistances consecutively, then it may consistently trade above current levels.

PI Industries Ltd. engages in the manufacturing and selling of agro-inputs, which comprises of crop protection chemicals and plant growth nutrients.

Bank of Maharashtra

The daily chart of Bank of Maharashtra

Bank of Maharashtra’s current performance is indicated by a favorable technical setup. The company’s shares are now trading at Rs 67.23 and may start the uptrend from the current level if it manages to break the level marked on the chart. The stock price is currently trading slightly above the 50-day EMA.

Those interested in possible trade-in Bank of Maharashtra could purchase the stock at the present price, setting a stop loss below the 50-day EMA at Rs 62, and aim for a target price higher than the level of upper resistance of the rising channel.

The stock is trading above its all-important moving averages, and it is expected to find support near Rs 60. The Relative Strength Index is trading near neutral levels at 52.943. This implies there may be potential for an increase in stock price strength. The ADX, now around 14, shows low momentum and directional strength.

The level at Rs 60 serves as a crucial indicator for corrective movement, and the overall market structure favors traders if the stock sustains the level of the prior high and trades above it.

Bank of Maharashtra engages in the provision of banking products and services.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.