The outlook is bullish for Piramal Pharma. The 5 per cent rise on Tuesday indicates that the corrective fall was in place since mid-September has ended. It also marks the beginning of a new leg of upmove. The rise on Tuesday happened from a key trendline support. That keeps the broader uptrend intact. Cluster of supports are there in the ₹222-₹215 region which can limit the downside going forward.
Piramal Pharma share price can rise to ₹270 in the coming weeks. Traders can go long now at ₹231. Accumulate on dips at ₹224. Keep the stop-loss at ₹210 initially. Trail the stop-loss up to ₹237 as soon as the stock goes up to ₹243. Move the stop-loss further up to ₹253 when the share price touches ₹259. Exit the long positions at ₹265.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)