Asian Paints Ltd - Breakout OpportunityDate : 5-Jun-2024
Rating : Buy - Positional Trade
LTP : Rs. 2,961.75
Targets: (1) Rs. 3,180 --> (2) Rs. 3,308 --> (3) Rs. 3,423 --> (4) Rs. 3,590
SL : Rs. 2,777 on daily close basis
Technical View:
• Since Apr-2021, NSE:ASIANPAINT is moving sideways between 2,560 and 3,590. It was recently going through it's secondary downtrend.
• After touching the high of 3,422.95 on 29-Dec-2023, it has retraced 22% to 2,670.10 level.
• On 5-Jun-2024, NSE:ASIANPAINT has broke out from its secondary down trend with higher than average volume.
• NSE:ASIANPAINT has also closed above 20 DMA, 50 DMA and 21 DEMA on 5-Jun-2024. Very close to cross the 200 DMA.
• RSI has formed bullish cross over and trading at 61.23. MACD is in buy zone and trading at 11.65.
• Both MACD and RSI has formed positive divergence indicating trend reversal and bullish momentum.
• Looking strong to start a new swing from here.
Disclaimer : I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.
