PICK OF THE WEEK: ASIANPAINT (NSE)

23rd December 2019

On a weekly chart, the stock has formed an Ascending and Inverted Scallop formation indicates a continuation of the prior trend.

After giving a brief correction from its all-time high, thestock has taken the support at 1668.20 level which is a 50.00% Retracement level of its previous up move from 1505.60 level to 1830.80 level which suggests a northward direction in the counter.

On a daily chart, the stock has given a breakout of its Range-Bound Movement with above-average volume which indicates a robust upside movement in the counter.

Moreover, the stock has been trading above its 21 Days Moving Average since last many days which shows a positive trend for the time being.

A daily momentum indicator RSI reading is at 63.80 level with a positive crossover, apart from this, the RSI has given a breakout of its Downward Falling Trend line which points out for a positive breath in the counter.

Based on the above technical structure, we are expecting a good upside movement in the counter in a few trading sessions.

Company Name

ASIANPAINT

Our Recommentation is to

Buy, Add on Dips

Buy, Add on Dips

1799.25

Targeted Price

2060

Stop Loss

1670

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