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Pidilite: Runaway Bullish formation before 10th Aug Results

Long
PIDILITE INDUSTRIE (NSE:PIDILITIND)  
pradipandsuvra  
NSE:PIDILITIND   PIDILITE INDUSTRIE
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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).


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