PPL - Prakash Pipes Ltd - Uptrend - Long1. Double Bottom at Demand Zone
2. 50 EMA support
3. Volume Spike
4. ADX - shows Trend Strength buildup
Prakashpipes
Prakash pipe looks goodPPL Has given very strong breakout.
Now waiting for a retest entry.
Keep on watchlist.
Prakash Pipes Strong Bullish momentumWeekly timeframe has broken out of a 2 year long consolidation period, it shows a flag and pole pattern breakout at Weekly R1.
Also note that the consolidation and bounce that has happened is at Fib 38.2%, hence expect strong bullish momentum to continue.
Hence looking for huge upside potential in the Mid to Long term, for a short term can look for the black lines marked in the weekly timeframe.
Demand levels marked in the 75 min time frame.
Prakash Pipes can Pull Out a good jumpPPL CMP: 171
Prakash Pipes is one of the largest PVC pipes and fittings manufacturer in India. The company products are Agri pipes, plumbing pipes, casing pipes and garden pipes etc. In 2018-19 the company entered flexible packing division & furthermore expanded it to provide complete packaging solutions to FMCG companies manufacturing laminates and pouches for snacks, soaps, shampoo etc.
Prakash pipes CMP is 171. The Negative aspects of the company is high promoter pledge. The Positive aspects of the company are improving annual net profits, no debt & improving cash from operating activity.
Entry can be taken at closing above 175. Final entry at 185. Target of the call will be 199. Long term target is 209. Stop loss of the call should be maintained at closing below 155.
