PI Industries, PVR Inox: Top trading picks by Angel One for June 24

NSE Scrip – PI Industries

View: Bullish

Last Close: Rs 3,753.70

PI Industries witnessed a decisive breakout in the last trading week, soaring over 3 per cent. The counter has witnessed very strong traction from the cluster of its Short-term moving averages after consolidating near the 200 SMA and seems poised to continue its northward move in the comparable period. On the oscillator front, MACD signals a continuation move with a reversal from the oversold trajectory, suggesting a potential upside journey for the counter. 

Hence, we recommend to Buy PI Industries around Rs 3,740-Rs 3,720 | SL: Rs 3,580 | Target: Rs 4,000-4,040

NSE Scrip – PVR Inox

View: Bullish

Last Close: Rs 1,436.85

PVR Inox has seen a volume-backed resurgence after the substantial consolidation seen in the last couple of trading weeks near its key support short-term EMAs. Furthermore, the counter witnessed a positive crossover of 20 DEMA over 50 DEMA, construing a positive development. As a result, it is now positioned for a gradual reversal in the near future. On the oscillator front, 14-period RSI and MACD both signal a reversal from the oversold terrain, suggesting a potential upside journey in a comparable period.

Hence, we recommend to Buy PVR Inox around Rs 1,430-1420 | SL: Rs 1,360 | Target: Rs 1,550-1,600

(Osho Krishan is a senior analyst of technical & derivatives at Angel One Ltd. Views expressed are his own.)