Pidilite Industries Limited (PIDILITIND) Stock - Complete Technical Analysis - Oct 22, 2024

Pidilite Industries Stock Analysis: Key Support & Resistance Levels Is a Reversal Coming

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 is currently in a consolidation phase, trading at 3,127. The stock shows mixed technical indicators with RSI at 41.9, suggesting it is nearing oversold territory, which could be attractive for buyers if bullish momentum builds up. However, the MACD remains in the bearish zone, pointing to continued weakness in upward movement. ADX at 15.69 reflects a lack of a strong trend, keeping the market uncertain. The price is trading near critical support levels of 3,110, and a breach of this could see it slide toward the 3,000 mark, while resistance around 3,204 could act as a breakout point for further gains. The short-term EMAs are indicating slight downward pressure, but the long-term EMAs reflect strength, implying long-term bullish sentiment is still intact. Given the high volatility as shown by ATR, traders should be cautious but look for potential breakouts or breakdowns based on these support and resistance levels.