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Published on 8/08/2019 4:09:41 PM | Source: Choice Broking Pvt Ltd

Buy Pidilite Industries Ltd For Target Rs.1393 - Choice Broking

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

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* On a weekly chart, the stock has been trading with its Upward Rising Trend line along with support of its 21 Weeks Simple Moving Average which indicates a continues of upward trend.

* On a daily chart, the stock has given a breakout of its upper band of Symmetrical triangle formation which is a bullish reversal formation which indicates an upside movement in the counter.

* Moreover, the stock has continuously trading above its 21& 50 Days Simple Moving Averages which show positivity in the stock.

* On an hourly chart, the stock price has also moved above “Upper Bollinger Band” which suggests bullish rally will continue further for near term

* A daily momentum indicator RSI’s reading is at 67.18 level and make a positive crossover, apart from this, the RSI has given a breakout of double bottom formation which suggest a robust upside movement.

* Based on the above technical structure, we are expecting an upside movement in the counter in a few trading sessions.

Recommendation

Buy PIDILITIND Aug Fut @ 1325 & Upto 1320 SL 1291 TGT 1393

 

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