Buy Berger Paints India Ltd Target Rs. 675 - Religare Broking
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
* Within the paint space, Berger Paints has been among the top-performing names since 2003, maintaining a steady uptrend on long term charts. In the entire decade, it retraced towards the major moving averages on the weekly chart only twice and witnessed a strong directional trend thereafter.
* It has been trading with a corrective bias for nearly two years, after making a new record high at 872.95 in July 2021 and retested the monthly support zone of 540 levels.
* The last seven months of price action have resulted in the formation of a reversal pattern (Inverted Head & Shoulder) on the daily chart and it looks set for the breakout from the same now. The neckline area of the pattern also coincides with the resistance zone of the long term moving average i.e. 200 EMA, which may further fuel the surge post breakout. We thus recommend accumulating in the mentioned zone.
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ000174330
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
