PIDILITINDS

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I have bought shares of Pidilite In­dus­tries at Rs 1020. Should I book profit at the cur­rent lev­els?

- Johny Kacharakkal

BOOK PAR­TIAL PROFIT NEAR RE­SIS­TANCE ZONE OF RS 1180-1190

Pidilite In­dus­tries is cur­rently trad­ing at Rs 1154.90. Its 52-week high/low stand at Rs 1194.80/Rs 800 made on Au­gust 28, 2018 and Fe­bru­ary 6, 2018, re­spec­tively. Af­ter reg­is­ter­ing its 52-week high, the stock en­tered into a cor­rec­tive phase and halted its cor­rec­tion around its 100-week EMA, and the stock also formed a dou­ble bot­tom like pat­tern on the daily time frame. The 14-pe­riod daily RSI is quot­ing at 71.23, hence the stock has reached over­bought zone. Other in­di­ca­tors and os­cil­la­tors are also in the over­bought zone on the daily time frame. Ad­di­tion­ally, the stock is ap­proach­ing to­wards its all-time high level which is placed in the re­gion of Rs 1188 and we would sug­gest to book profit around these lev­els. On clos­ing above this level on a weekly ba­sis, one can en­ter again for mo­men­tum trade.

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