Asian
paints on a daily
chart stock price at Rs.1146.20 is trading in a perfect parallel channel,
starting from March 2016, in the channel stock price has touch the upper channel
and lower channel twice, now stock price is heading towards north to touch the
upper channel of parallel channel, indicate positive outlook for the stock
price. Momentum oscillator RSI is rising have more room left on upside, which add
more bullishness for the stock price.
If one were to go by the volume data, a
higher upswing is seen on the stock price. Trader or investor can accumulate for the target
of Rs.1213/1240 level, with Rs. 1105 stop loss on closing basis.
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