Praj Industries Limited is within an approximate horizontal trend channel in the medium long term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. An inverse head and shoulders formation is under development.
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A
decisive break of the resistance at 401, ideally
with an increase in volume, signals a further
rise. The stock has support at rupee 374 and
resistance at rupee 428. Positive volume
balance indicates that buyers are aggressive
while sellers are passive, and strengthens the
stock. The stock is overall assessed as
technically positive for the medium long term.
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