Asian Paints Analysis for next week.
Asian Paints View :
Case 1: On 5th April 2021, Asian Paints opens above 2560 or if it starts trading above 2560, then the stock will be volatile and can move sideways or upward move.
Case 2: On 5th April 2021, Asian Paints opens below 2540 or if it starts trading below 2540 then we can expect a downside move. Our focus will be on this case.
Reasons:
1. As we see on 15 min chart, the stock gave a trendline breakdown, and also there is a small gap that can get filled. There is a 0.382 Fibonacci Level on which stock can take support and try to continue its uptrend.
2. If 0.382 Fibonacci Level is broken then there is a high probability that stock may test 0.618 Fibonacci Level as at this level there is a demand-supply zone that is not yet tested.
Conclusion: Wait for the stock to come at 0.618 Fibonacci Level, if any bullish pattern (Bullish Engulfing, Bullish Hammer, Bullish Inverted Hammer) is seen then go Long for 4-5 % gains.
Case 1: On 5th April 2021, Asian Paints opens above 2560 or if it starts trading above 2560, then the stock will be volatile and can move sideways or upward move.
Case 2: On 5th April 2021, Asian Paints opens below 2540 or if it starts trading below 2540 then we can expect a downside move. Our focus will be on this case.
Reasons:
1. As we see on 15 min chart, the stock gave a trendline breakdown, and also there is a small gap that can get filled. There is a 0.382 Fibonacci Level on which stock can take support and try to continue its uptrend.
2. If 0.382 Fibonacci Level is broken then there is a high probability that stock may test 0.618 Fibonacci Level as at this level there is a demand-supply zone that is not yet tested.
Conclusion: Wait for the stock to come at 0.618 Fibonacci Level, if any bullish pattern (Bullish Engulfing, Bullish Hammer, Bullish Inverted Hammer) is seen then go Long for 4-5 % gains.
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