Counter has broken 200 DMA convincingly, along with major support zones. These will now start acting as major resistance. With the overall bearish sentiment persisting in the market the counter could further weaken to 800 levels. The short sell should be initiated only on a pull back to ensure decent risk/reward ratio can be achieved.
Asian Paints has been falling nose down, it doesn't seem to be looking strong enough to see upside movement, also it has broken long term trend line and has been approaching long term support around 831-830 in near term, traders may enter short asian paints at cmp.
Butterfly pattern formation on Asianpaints on 1 hr chart and 860 showing good support. Trade: Buy above - 871 Target 1 - 877 Target 2 - 884 Stop Loss - 861 Reward Points - 13 Risk Points - 10
It is been observed on the daily chart that the price action picks up from the support levels at 1025, now it shall move to previous support level which is now act as resistance levels. Target: 1095 Stoploss: 1020 Risk Reward: 1:2
Just an observation. High Risk traders can short here but its a Weekly chart and at almost all time highs - cannot recommend shorting the same.
After a consolidating for a while, Today the price action breaks above the previous highs and made a new fresh high close. It indicates strength from buyers side and up ward shall continue. Target: 1190 Stoploss 1150