Pidilite: Runaway Bullish formation before 10th Aug Results

Aug 6, 2022

Pidilite: Runaway Bullish formation before 10th Aug Results

• Bullish breakout from a long term rounding bottom formation with very high positive volume.
  
• Last 8 trading sessions, it's a runaway green candles and bullish kickers. That's pretty uncommon.
  
• A 6months old resistance line is decisively broken this time, after testing thrice.
  
• Most likely the Q1 result will be a bumper result (on next Wednesday).
  
• Cumulative Open Interest (COI) is pretty high and showing long buildup.
  

• OI data is even interesting. 93K Puts are there at 2600, clearly a support. Out of 93K, 39K Puts are added in last week.
  
• There are good amount of (36k) Calls are added at 2640. All of those people will be trapped once Pidilite stays above 2640 on next week.
  
• Plus: There are 54K calls are written in 2660, out of which 53K is added recently.
  

Support: 2600 (from OI data)
Resistance: 2660 (from IO data), 2700(from OI data), 2725 (previous swing high in chart).