Pidilite Industries at new record high; rises 8% in four days

Pidilite Industries surged 1.86% to Rs 2,646.8, extending its winning run to fourth consecutive trading session.

Shares of Pidilite Industries have surged nearly 8.74% in four trading sessions from its previous closing low of Rs 2,434.05 posted on 30 December 2021. The counter hit a record high of Rs 2,660.55 intraday today. The stock has zoomed 59.16% from its 52-week low of Rs 1662.95 recorded on 29 January 2021.

In last one month, the stock moved nearly 20% higher as compared to a nearly 4% rise in Nifty 50 index.

On the technical front, the stock's RSI (relative strength index) stood at 76.638. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 2366.83 and 2360.95 respectively. These levels will act as crucial support zones in near term.

Pidilite Industries is a manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-It-Yourself) products and polymer emulsions in India.

The adhesives maker recorded 5% rise in consolidated net profit to Rs 376 crore on a 41% increase in net sales to Rs 2,613 crore in Q2 FY22 over Q2 FY21.

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