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The stock of Pidilite Industries started its latest uptrend in November last year, on the back of the support at ₹2,300. However, after reaching ₹3,050 in April this year, the bulls lost strength. Consequently, Pidilite Industries’ stock was largely moving in a sideways trend i.e., between ₹2,800 and ₹3,050. But on Wednesday, the scrip broke out of ₹3,050, opening the door for further rally.
Although there was a moderation in price on Thursday, it is likely to be a corrective one. We expect the stock to resume the rally. So, one can buy now at ₹3,090 and accumulate if the price dips to ₹3,015. Place initial stop-loss at ₹2,980. When the stock hits ₹3,200, raise the stop-loss to ₹3,120. Tighten the stop-loss further to ₹3,180 when the price touches ₹3,250. Exit at ₹3,300.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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