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Weekly Equity Picks: Pidilite Industries, ITC

Way2wealth | 21 Aug, 2017  | Follow Author | Add to my Favourites 
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Pidilite Industries (Cash):


- After posting an all-time high of around 839; Stock slipped into consolidation and formed a Triangle pattern.

- Currently, stock is poise for a breakout from the said pattern as it is trading near the upper band of the triangle pattern.

- Looking at the weekly chart, the RSI (14) took support near 60 and started rallying higher.

- The daily 9-45 EMA is still positive hence we term the recent correction as a price as well as time wise correction.

- Going forward, we are meticulously tracking the price action of this stock as any move above 831 will confirmed the breakout from the said pattern along with that the stock will confirm its breakout bearish divergence trend line. Hence, we recommend traders to buy this stock above 831 with a price target of 890 and stop loss of 795.

ITC (Cash):


- Looking at the daily chart, stock has been under an uptrend since late December 2016 and registered an all-time high of around 355 during early July, 2017.

- Subsequently, we saw almost a vertical decline in stock which was followed by gradual correction towards 270.

- The level 270 was coincided with the multiple support zone first, the 61.8% retracement of its entire move from the bottom of 219 to 355 comes near 270, The previous multiple daily swing lows placed near 270. Along with the 200-SMA placed near 270.

- Looking at the weekly chart, the RSI (14) momentum indicator has precisely tested the Rising Trend line drawn from the bottom of June 12, 2015 and started rallying northward.

- Considering the above evidences, we expect this stock resume its uptrend hence we advocate traders to buy this stock in a range of 282 to 277.

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262.80 -0.75
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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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