IIFL is bullish on Pidilite Industries and has recommended buy rating on the stock with a target of Rs 170 in its April 26, 2011 research report.
"Pidilite Industries' daily chart (Market cap:8,130cr, PE ratio:25) suggests formation of distinctive pattern, which signals short-term rally after closing on a new high yesterday. On Monday, the stock broke out with impressive volumes. We believe that the current breakout is likely to lead to a potential upside up to the levels of Rs 170 and above. Technically, the stock is showing strength along with the momentum, and given the positive oscillators set-up, the stock could outperform as long as it sustains above short-term moving averages placed around Rs 150. We recommend traders to buy the stock above Rs 161 for a short-term target of Rs 170. It is advisable to maintain a stop loss of Rs 157," says IIFL research report.
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