Pidilite Industries Limited (PIDILITIND) Stock - Complete Technical Analysis - Dec 23, 2024

Pidilite Industries Stock Technical Analysis: Key Support and Resistance Levels to Watch

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Pidilite Industries Limited (PIDILITIND) has shown some significant volatility recently, with the stock trading around 2,976. This marks a 12.83% drop from its 52-week high of 3,415, suggesting a temporary pullback. The stock is 19.64% above its 52-week low of 2,488, indicating that it has been maintaining a solid upward trend in the long run. Recent price action suggests short-term consolidation, with fluctuations in the range of 2,965 to 3,020. For instance, on December 20th, PIDILITIND saw a price drop from 3,018.90 to close at 2,976.80, showing that the 3,020 resistance level is holding strong, while the support around 2,965 remains intact.

When analyzing key technical indicators, we see that the Relative Strength Index (RSI) is below 35, which signals that the stock is in oversold conditions and could be poised for a rebound. However, the Average Directional Index (ADX) at 18.71 suggests weak directional momentum, meaning the stock is likely to remain in a consolidation phase rather than making a strong directional move. The MACD is currently negative, confirming that the short-term trend remains bearish, while the Stochastic RSI is signaling extreme oversold conditions.

Investors should keep an eye on the key support levels of 2,965 and resistance at 3,020, as these levels may determine the next move. A break above 3,020 would suggest a potential upward move, while failure to hold the support could lead to further downside. Additionally, traders should use the Average True Range (ATR) to assess the potential for increased volatility. A key observation is the stock's inability to break through the 3,100 to 3,200 range, which has acted as a resistance zone. Overall, traders should look for signs of reversal before making significant entries.