This is a sleeping elephant which rises every 3-4 years. Last high was made in 2018.. I am having a hunch that it will rise again in 2021-2022
The pattern looks similar as previous years.
Risky investors can bet money on it for a limited downside and an upside of upto 10X in another 8-12 months.
Invest at your own risk
ASIANPAINT is trying to enter the ascending channel & every time it takes resistance from the lower channel line.
It seems it will break it to enter the channel & will show upside targets of 2600-2700. Keep holding!!
SL 3% if fails to break the lower channel line
Possibility 1: Nifty may touch 14130 by 31st Dec 2020
Possibility 2: Nifty may touch 12150 followed by a possible breakdown up to 11500 & 10800 by 31st Dec 2020
Possibility 3: Sideways market with range of 12250 - 13000 by 31st Dec 2020
It is advisable to accumulate 12000 Put on every rise (or gap up) & 14000 Call on every dip (or gap down) of 31st Dec...
Possibility 1: Nifty will open above 12900 on Monday (if global cues are positive). It may extend gains up to 12950 as per the option chain and then fall back to 12800. Good support at 12800 levels.
Possibility 2: There is a slight chance of Nifty touching 13028 but it will not stay above it for a considerable amount of time. If it stays then next stop would...