* On a daily chart, the stock has given a breakout of its downward sloping trendline which indicates that the stock may go up in coming trading sessions.
* Moreover, the stock has bounced back after taking a support of its multiple support line which suggests a bull run in the counter.
* Additionally, the stock has been sustaining above its 21 as well as 50 Days Exponential Moving Averages which signifies an upside movement in the counter.
* A daily momentum indicator RSI reading is at 56.37 level with a positive crossover which points out for a positive breath in the stock.
* Based on the above technical structure, we are expecting an upside movement in the counter in few trading sessions.
Buy Pennar Industries Ltd @ 56.35 Stoploss 54 Target 61.50
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