F&O Stock Strategy: How to trade PEL and Apollo Tyres
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Tracking mixed global cues, Indian benchmark equity indices opened flat on Wednesday after breaking their two-session gaining streak on Tuesday dragged by selling pressure in auto and pharma stocks. Based on yesterday’s session, Analyst Sudeep Shah, Deputy Vice President and Head of Technical & Derivatives Research at SBI Securities, suggests how one should trade stocks that were in focus based on derivative and technical data: PEL gives trendline breakout The stock of Piramal Enterprises Ltd has given a horizontal trendline breakout on a weekly scale. This breakout is confirmed by strong volume. As the stock is trading at 137-week high, all the moving averages and momentum-based indicators are suggesting strong bullish momentum. The daily and weekly RSI is in bullish territory and it is rising mode on both the timeframes. The daily MACD stays bullish as it is quoting above its zero line and signal line. The MACD histogram suggests a ...