PRAENG Pyramid Set up

Prajay Engineers Syndicate Ltd (PRAENG) traded mildly positive today, with prices fluctuating within a narrow range around ₹20. The stock continues its recovery from recent lows, showing incremental gains over the past few sessions. Short-term technical indicators suggest the price is trading above its 20-day moving average, signaling some regained bullish momentum, but the overall trend remains sideways.

Momentum signals such as RSI are moderately positioned, indicating neither strong buying nor oversold conditions. Volume is stable but not exceptionally high, which points to limited participation and tempered volatility. Support for PRAENG is near ₹18, reflecting the base built over the last month; resistance appears at ₹22, where previous rallies have stalled.

Fundamentally, the company has delivered modest improvement in sales and managed to reduce operational losses recently, but overall business and industry headwinds persist. The medium-term outlook stays neutral, with further upside possible if the stock can close above the ₹22 resistance zone on higher volume. Conversely, a drop below support may trigger another leg down in price.