Chart Check: A breakout above 50-SMA on weekly charts makes this specialty chemical stock an attractive buy

Shares of specialty chemical company Pidilite Industries have broken out above the 50-SMA on weekly charts and could reach INR2,600 ($35) in price, according to analysts. While the stock is already near overbought levels and profit-taking is possible, the relative strength index is at 69.5 and MACD is bullish. The momentum saw the company break the 50-SMA for the first time since January, around which time it was consolidating around INR2,200. Pidilite Industries stocks are under a “structural bullish trend,” and could be accumulated in a range of INR2,472 to INR2,450 with a stop loss of INR2,400, according to the experts.

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