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Published on 16/11/2019 11:15:19 AM | Source: ICICI Direct

Buy Pidilite Industries Ltd For Target Rs.1230 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Pidilite Industries Ltd #Chemicals Sector #Trading Report #ICICI Direct

Weekly future recommendation:

Short Pidilite Industries (PIDIND) November future in the range of | 1325-1330. Target: | 1230; Stop Loss: | 1385

Rationale

While the Nifty is trying to consolidate near 12000 during the November series, stock specific movements remain at the forefront. At the same time, it seems stocks with below expected results are prone to witness extended profit booking in the coming sessions. Pidilite has failed to perform in the recent up move of the market and has given away almost all gains seen post corporate tax cut. It has seen accumulation of short positions prior to the results and is on the verge of breaching its major Put base of 1300 strike. We expect the stock to move towards | 1200 in coming sessions.

 

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