ASIAN PAINTS LTDLong
Asian Paints Ltd - Breakout Opportunity
Date: 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,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,ASIANPAINT has broke out from its secondary down trend with higher than average volume.
•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.
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,
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,
ASIANPAINT has broke out from its secondary down trend with higher than average volume.•
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.
Note
22-Aug-2024
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LTP: Rs. 3,186.60
1st resistance of 3,180 reached. 8% up from suggested level.
Note
11-Sep-2024
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LTP: Rs. 3,367.45
2nd target of 3,308 reached. 14% up from suggested level.
Note
Close to 3rd Target.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.