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* 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.

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