|Buy Range||1745 – 1800|
|Target||1900 – 1910|
|Duration||12 – 15 Trading Sessions|
|Potential Return^||5 – 6%|
|CMP#||Idea||Buy Range||Target||StopLoss*||Duration||Potential Return^|
|1802.75||BUY||1745 – 1800||1900 – 1910||1700||12 – 15 Trading Sessions||5 – 6%|
# CMP on Sep 23, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 1851.
^ The returns are calculated based on CMP#
Founded in 1942, Asian Paints manufactures, sells and distributes paints and coatings for decorative and industrial use in India. Headquartered in Mumbai, the company operates in over 20 countries and has over 30 manufacturing facilities, servicing consumers in over 65 countries. Asian paints Q1 profit jumps to Rs 659.90 crore for the June 2019 quarter, against Rs 558.49 crore in the year-ago period.
|Sectoral Index||Nifty 500|
TECHNICAL OBSERVATIONS (WEEKLY)
- Looking at the weekly chart, stock has seen a spectacular rally from the bottom of around 851.1 (December 22, 2016) and hit a fresh all-time high of around 1820 (September 23, 2019).
- During this period, the stock price had been moving in an upward moving range and was showing a great amount of strength to sustain the move.
- Further, the stock has given a breakout above of its crucial resistance, suggest robust upside movement.
TECHNICAL OBSERVATIONS (DAILY)
- Last two days, the price action has formed bullish candles with long candlestick body indicating strong positive bias.
- MACD signal line crossover above 0 indicates buying momentum and probable further rise.