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Published on 14/05/2019 3:52:00 PM | Source: Choice Broking Pvt Ltd

Sell Pidilite Industries Ltd For The Target Rs.1079 - 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 daily chart, the stock has given breakdown of its “Lower band of Rising Wedge Formation” and the stock is also trading 100 Days Moving Average which indicate medium term trend remains bearish.

* Moreover, the stock has been trading below its “21 weeks Moving Average” which adds more bearishness to the price.

* Furthermore, the stock has been trading below “Ichimoku Cloud” with negative crossover between conversion line and base line and the stock also formed long bearish candle which shows the downside movement in the counter.

* A daily momentum indicator RSI and MACD both indicate negative breath in the counter.

* Based on the above technical parameters, we are expecting a downside move in the stock in few trading sessions.

Recommendation

Sell May Fut PIDILITIND Ltd @ 1143 - 1146 SL 1175 TGT 1079

 

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