The stock hit a record high of Rs 2,961 on 7th March 2024 but failed to hold the momentum. It witnessed mild profit taking but the trend is largely on the upside. The speciality chemical stock gave a breakout from a falling trendline resistance on the upside as well as from an inverted Head & Shoulder pattern. The neckline of the pattern was placed around 2,800 levels. The stock closed at Rs 2,865 on 7th March 2024.
The specialty chemical stock hit a 52-week high of Rs 2792 on 3rd January 2024. It has risen more than 4% in a week, and over 13% in the last 3 months.
The stock bounced back after taking support above Rs 2200 levels in October. The momentum pushed the stock above 50-DMA and 200-DMA earlier in November. It also helped the stock breakout from falling trendline resistance, which connects the highs of July, August and October.
Pidilite Industries share price: Bharat Puri, Managing Director at Pidilite Industries Ltd, said, "We started the year on a strong note with our domestic consumer businesses delivering robust volume growths. B2B, exports and international business continued to face sluggish demand conditions. A combination of moderating input prices and operational efficiencies saw our gross margins improve substantially"