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Asian Paints Technical Analysis #69: Buy | Target Rs 1440 | Arijit Banerjee

OUR RECOMMENDATION

CMP#1372.3
IdeaBUY
Buy Range1351 – 1371
Target1440 – 1450
StopLoss*1331
Duration15 – 20 Trading Sessions
Potential Return^5 – 6%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
1372.3BUY1351 – 13711440 – 1450133115 – 20 Trading Sessions5 – 6%

# CMP on July 16, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 1406.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

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.

Stock Data
NSE CodeASIANPAINT
Sectoral IndexNifty 500
52W High1529.85
52W Low1118
Face Value1
Relative Performance_Asian Paints vs Nifty 500

TECHNICAL OBSERVATIONS (WEEKLY)

  • Attached weekly timeframe chart of Asian Paints Limited is signalling that the stock price was moving in a larger consolidation pattern in the last two years and is currently making an attempt to reach the upper boundary of the pattern.
Asian Paints Weekly Chart
Asian Paints Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • The recent development on the price front indicates conclusion of the downtrend phase.
  • Recent closing above the 15 days MA and Upper Bollinger Band showing bullishness.
Asian Paints Daily Chart
Asian Paints Daily Chart

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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