ASIANPAINT trade ideas
ASIAN PAINTS LTD - ASIANPAINT(NSE) | BULLISH RECTANGLEAsian Paints Ltd - ASIANPAINT(NSE) has been forming a Bullish Rectangle since May 2020. A bounce back from the support line(red) could be an excellent Swing Trading Trading opportunity. Also, a long candle cutting the resistance line(green) can be a buying signal too.
ASIAN PAINT - Bullish Price Action Analysis As Crude price going down , NSE:ASIANPAINT creates opportunity for upside with target 3438 and 3598 as T1 and T2 respectively.
BUY : Although traders can buy if the price comes at 3200-3150 level and respects it then it will create further
momentum for upside with great volume and SL would be in the rage of 3040-3045.
SELL : Sell opportunity only creates when price test at the level of 3400-3350 and won't sustain then with help of
small risk you can make a good reward.
NOTE : Remember as long as it above 3000 it is bullish after crossing below of 3000 the trend of downside will continue .
Nifty 50 Stock Analysis Series - Asian Paints - 4th stockMy Observation:
1. Formed U shaped fall-and-down pattern in this year.
2. Rally started and ended at Rs.3444.
3. Stock Price is
** At 21 SMA
** Below 50 SMA
** At 100 SMA
Indicates to do monthly SIP for long term
4. Then Correction started with (ABC) pattern from last week of Sep'21.
5. Expecting this fall to Rs.2830 and start next rally.
6. Target #1 - 10% (Rs.3119)
7. Target #2 - 20% (Rs.3440)
Note:
I'm not recommending buying this stock. This is for education purposes.
This is my view, based on my learning.
Please do not trade without your own conviction.
Please invest after careful research. I'm not responsible for your profits/losses.
- Gnanasekaran
ASIANPAINTNSE:ASIANPAINT
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