ASIANPAINT trade ideas
Breakout - Now wait for a pullbackAsian Paints is a good fundamental company. The price goes into consolidation after every breakout. This can be due to smart money buying the stock at various stages. Now it has given a big breakout with high volumes. We can expect it to rise further after some more consolidation. Buy 25% here and wait for pullback or consolidation. Buy more on the sign of next breakout.
The price is above 21EMA and RSI is strong and Relative strength (wrt Nifty) is strong. No sign of weakness.
ASIANPAINT Trade Setup For Tomorrow ( 22nd July)So Asian Paint share give around 6% move on Tuesday, there is a two reasons behind it.
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1. Asian Paint was in consolidation mode from last so many days so it gave a breakout on Tuesday with the level of 3068.
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2. In the second half, Asain paint declare their good Quarter Results so it gives the more upward momentum to the share.
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So for tomorrow, there is a simple Strategy, Asian Paint share will retraced till .5 level mean till 3106 or 3083
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At the retraced level you should buy for the targets of 3270. .
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Note: Don't buy in the morning maybe after making one green candle stock will retraced, so buy only once it retraced.
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