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Published on 12/08/2020 11:46:52 AM | Source: ICICI Direct

Gladiator Stocks - Buy Berger Paints Ltd For Target Rs. 635 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Berger Paints India Ltd #Trading Report #ICICI Direct

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Berger Paints (BERPAI): Breakout above falling supply line, 15 week’s consolidation range augurs well for next up move…

* The stock registered a resolute breakout above the falling supply line joining highs since February 20 (| 597) signalling resumption of the primary up trend thus offering fresh entry opportunity

* The share price in the last 15 weeks has been consolidating in the broad range of | 552-432. In the current week trade it has resolved above the same highlighting strength and continuation of the up move

* Structurally the stock has been trading in a secular up trend. Key point to highlight over past four years is that, on multiple occasions buying demand emerged in the vicinity of 52 weeks EMA coincided with demand line joining lows since July 2019 (| 302). Currently both of these are placed around | 500-490 levels which is expected to act as major value area for the stock in case of any corrective decline

* The aforementioned evidences makes us confident to believe, stock would resolve higher and accelerate upward momentum towards | 635 in the medium term as it is 123.6% external retracement of FebruaryMarch 2020 decline (| 597 – 390), placed at | 635 levels

 

Buy Berger Paints Ltd @ 540-553 Target 635 SL 497.00

 

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