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.