Here's why Vinay Rajani is bullish on Pidilite Industries, Delhivery


fell for the third consecutive session, to close at 17,826. Bank Nifty, meanwhile, closed at the lowest level since January 31, 2023.

As benchmark index has been seen forming lower tops and lower bottoms on the hourly charts, this, therefore, indicates a short term down trend.

While the support for the Nifty was seen at its previous swing low of 17,719, below which bearish trend would find momentum; the resistance was shifted down to 18,000 odd levels in the Nifty.

Above 18,000, Nifty is expected to find upward momentum. However, breadth is continued to remain a concern for the markets, as advance-decline ratio stood at 0.73. The NSE turnover, too, continued to remain on the lower side.

Pidilite Industries

Last close: 2,332
Target: 2,435
Stop-loss: 2,250

The stock price has been consolidating in the narrow range for last three weeks. On the hourly charts, the stock has started forming higher tops and higher bottoms, which indicates probable bullish trend reversal. Indicators and oscillators, too, have turned bullish on the daily chart.


Last close: 349
Target: 375
Stop-loss: 335

The stock price surpassed 50 days EMA resistance, accompanied with rising volumes. Daily charts suggest Bullish Crossover on RSI oscillator. Bullish Crossover is registered on DMI, RSI and MACD Indicators on the daily charts.

(Vinay Rajani, Senior Technical and Derivative Research Analyst at . Views expressed are personal).