Umang_Sharma

Asian Paints: Breakout trading

Long
NSE:ASIANPAINT   ASIAN PAINTS LTD
Keep an eye on Asian paint it is on its very verge of breakout. There is a possibility of one more retracement in nearby time. Sellers fail to bring this stock down multiple times in 1 hr time frame.
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Reason to buy:-
1) 2000 is psychology level breaking above which will be a good move.
2) Reduction in seller's strength to pull this stock down (Mentioned in the chart).
3) Bullish Triangle pattern formation.
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Best level to buy : 2005.10
Stoploss will be immidiate lower swing i.e 1948.00
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Intraday best posible target 2%
Comment: Asian paints finally broke the trend line entering right now for positional
Trade active: Small quantity invested planning on investing one more lot once it touches 2005.10 levels. Acting as expected. Holding on to it for now.
Trade active: Moving As expected
Trade closed: target reached