rituparna_paul

Asian Paints Analysis

Long
NSE:ASIANPAINT   ASIAN PAINTS LTD
First, 2260 acted as a resistance on 6th Nov'20 and it acted as a support on 26th Feb'21 and moved up from the support.
Second, if I apply the fibo retracement from 1912, you can see that market rejected the 61% fibo level at 2260, so again it touched the support and moved up.
Third, there is a bullish head & shoulder made from 1st Feb'21 to 25th March'21, 2483 being the neckline, 2260 the head, and approximately 2367 are the shoulders.
Now, if market rejects the bulls at 2513, then our next support could possibly be the 50% retracement at 2378.
We can set our sl below the support line, i.e, 2260.
So, trade accordingly.

This was a little analysis made by me for a long position.
Further, rightly said by many, "don't trade what you think, trade what you see on the chart."

Thank You.
Happy Trading.