Asian Paints Ltd.: trend still intact
Company profile: Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.
Normally a positive gives good buying opportunities on dips. However, Asian Paints has surpassed all reliable targets and projections so it is hard to estimate a new possible peak and/or reversal points. New buying is too tricky with no likely risk/reward ratio. Existing longs can be maintained with trailing stops below the regression average at 4060.
- Primary trend: positive, late stage
- Outlook: moderately positive, hold longs
- Support: 4060 / 3945 / 3499 / 3338
- Resistance: n/a
Weekly chart Asian Paints (NSE)
Category: India
