PIDILITIND SERIES OF BEARISH FLAGS !!!!Chart patterns look apt for a short trade in Pidilite industries
REASONS
1. PIDILITIND from September 2022 has been in Downtrend forming lower highs and lower lows
2. Currently it is ,at its 3rd BEARISH FLAG pattern (gave breakdown with volume spike)
3. Previous 2 Bearish flags achieved their targets(as per pattern-pole length) without any sluggishness
4. There is DEMAND ZONE down near 2100 levels
5. SL as shown @ chart
6. Target - 2140, 2100(trail the SL)
7. Lower low formed on Friday(24 Feb) increases the probability of our short trade
Let's wait and watch how it moves!!!!
NOTE- Just Sharing my view...not a tip nor advice!!!
PIDILITIND trade ideas
Pidilite industries .... buy setup
This stock(Pidilite industries) seems to have completed the ABC corrective pattern . It seems ready to take off on the upside with the down trend line broken. looking to buy above 2355 for a target of 2460, the second target being the main trend line shown on chart. stoploss for the trade at 2250 ( daily closing basis)
Pidilite - Bottom Fishing? Pidilite has reached 120 day EMA and Multiyear Trendline support as well - I had pointed it out the last time it did so, and it went on to make 40% returns after that.
This time its different. The company has been showing slowing sales growth, and suffering from increased crude volatility expectations. It reflects in its high PE of 94 against a 10 Year Median PE of 55.
It will be interesting to see if the share price takes support here, or goes on to discount even more to more fair valuations.
Nifty ChemicalsThere is no dedicated chemical stock index in India. This index is made up of top 10 chemicals companies in India. Each having weightage of ₹100 and the base price is set at ₹1000. The base date is 19th January 2023. This index have beaten Nifty in the past but can it beat nifty in next 2-5 years let's see. The index comprises of following 10 stocks.
1.Pidilite
2.SRF
3.Solar Industries
4.Gujarat Fluorochem
5.Linde India
6.Deepak Nitrite
7.Tata Chemicals
8.Atul
9.Navin Fluorine
10.Aarti Industries
Make or break point.PIDILITIND near a 12 year old trendline. Price has been consolidating in the range of 2200 to 2600 around the trend line now for almost 2 years. Usually long consolidations lead to short strong trends. Hence it is at a important positions to study business from various other perspectives including fundamental analysis and cycle analysis.
Pidilite Cmp 2728 dated 29-11-2022 Triangle & RSI BOPidilite Cmp 2728 dated 29-11-2022
1. Ascending Triangle Bo @ 2720.
2. RSI BO
Buy @ Cmp for target 2750-2785-2840-2895
SL 2650
Disclaimer :
I am not a Sebi registered Analyst so please do your own Analysis before taking any action.
The above view is shared just for educational purpose.
By no means shall be responsible for any losses amounting out of it incase if any trades on it.
It is just a view, pls trade at your own risk.
Pidilite Short @2748NSE:PIDILITIND
Short @2748
SL@ 2811
Target 2601
Pidilite is trying for to break supply zone , trading near supply , Short near 2748 or buy put , for the target of 32601 in two weeks.
Disclaimer: author may enter in trade, take your own decision , This is an trading idea not an trading or Investment advice
Pidilite Head and Shoulder Pattern with possible TargetsPidilite is making and head and shoulder pattern, also taking support from 0.618 fibonacci level. It is also a support level. If overall market sentiments will be bearish in next few days also the stock breaks support and restes, it will be a good short opportunity but at the same the stock is all time bullish stock it can also keep time correction for 2 months instead of price correction. current p/e is 100 expensive. This is not a trade idea. Its just observation.
PIDILITIND - Strong Bullish ReversalNSE: PIDILITIND is closing with a strong bullish reversal candle supported with high volumes.
Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
The stock has been consolidating for the past few days and moving along the trendline which is indicating demand.
One can look for a 8% to 11% gain on deployed capital in this swing trade.
The view is to be discarded in the event of the stock breaking previous swing low.
#NSEindia #Trading #StockMarketindia #Tradingview #SwingTrade
Disclaimer:
This is for educational purposes only.