ASIANPAINT LONG TRADE IDEA [20-11-2019] Long

ASIAN PAINTS LTDNSE

Description

⋅ Nov 19, 2019 3:47 PM

*Asian Paint at a key support zone in the hourly chart.

It's highly possible that it will hit 1760 from CMP at 1221 if the overall market sentiment remain bullish to neutral.

Keep a tight stop loss as there is a decent chance that this trade setup might fail but it gives a great reward to risk.

Comment

⋅ Nov 19, 2019 4:32 PM

Correction: CMP is 1721

Trade closed: stop reached

⋅ Nov 23, 2019 9:40 AM

Comments

sam2k

⋅ Nov 19, 2019 4:44 PM

On Daily chart, the trendline support appears to be at 1700.

tonylouis_23

⋅ Nov 19, 2019 7:39 PM

@sam2k, Appreciate your feedback. If you notice that's exactly where I've place the stoploss with a buffer!

sam2k

⋅ Nov 25, 2019 3:45 PM

@tonylouis_23, It hit the stoploss (hourly and daily). Now again back in channel. Lets see what happens next.

tonylouis_23

⋅ Nov 25, 2019 6:15 PM

@sam2k, If you notice Asian Paint made a lower high & lower low while heading down from the resistance it faced on 7th November suggesting smart money is shorting this stock and moreover 1700-1720 was the last support it already breached a much stronger support at 1750-1760 easily. Asian Paints might trade within the lower end of this range till 1760 as we are in the expiry week and will fall sharply as it is looking weak but again who knows anything could happen in the market! :)