Asian Paint: In Heavy Supply Zone

The stock has been confronting with a heavy selling pressure near 1820 zone since September 2019. I can clearly observe 3 to 4 million share prints around this level. Even the March 2020 fall began with a 6 million print in the same zone. Currently the stock has been testing the 1820 zone and again there is a 3.7 million share print.
This observation has been signalling a correction or a pause at this level as the supply is still huge. There are a couple of rejections on the daily chart but lower time frames are yet to confirm weakness. If the weakness confirms, we may see 1700-1720 levels in the coming weeks.

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Regards
JJSingh

Comment:

Right at the downside target 👍

Comment:

Fast and furious

Comment:

Below 1500 there is possibility of 1450
Just beware that we are entering into buyers' zone.
Use stops as sharp moves may follow.