Asian Paints - Bull's Ride

Asian Panits (CMP: 436.35) : The stock has tested trend line support level & bounced back with long lower shadow candle the daily chart which indicates pullback on the cards.On the daily chart; the RSI indicator has showed a positive crossover with its price, which is the sign of strength. Resistance level placed at 441. If that resistance level breaks, then the stocks will rise towards 455 - 467 - 483 which is 38.2% - 50% - 61.8% retracement level of last falling leg. Trend line support level placed at 411.

Recommendation: Traders can buy on dips to 433 - 427 levels for the target of 467 - 483 with a stop loss of 411 (closing basis).