July 11, 2016
Asian Paints (NSE Cash)
BUY
` 975
` 1030 - 1020
` 1130
2 Months
Weekly Chart
Source: Falcon (Chart Time: 09:50 IST)
Justification:
The stock is moving in an uptrend and had shown sheer outperformance in recent past. In May 2016, the stock
has given breakout from its major hurdle of `910 - 920 zone and manged to sustain at higher levels. From
last five weeks, we are witnessing a sideways movement in the counter. The consolidation phase has resulted
into formation of ‘Bullish Flag’ pattern on weekly chart and today, we are witnessing breakout from the same.
The ‘RSI’ oscillator is also moving in bullish territory both in weekly and daily chart, indicating strength in the
counter. Considering the above technical evidences, we are expecting resumption in an up trend. Thus, traders
are advised to buy the stock at current levels and on declines upto `1020 for a target of `1130 in next 2
months. The stop loss for the trade set-up can be kept at `975.
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July 11, 2016
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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