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Buy ASIANPAINT @ 3244 & Upto 3175 for the Target of 3562/ 3725

Asian Paints (ASIANPAINT) is currently trading at Rs 3244 and has formed a symmetrical triangle pattern on the monthly chart with significant volume, indicating a strong bullish trend. A breakout above Rs 3250 could potentially drive the stock towards the Rs 3562 and Rs 3725 levels, with immediate resistance at ?3400. On the downside, the critical support levels are at Rs 3100 and Rs 3020.

Moreover, on the daily chart, the stock has broken out of a rounding bottom pattern, which further indicates strength. The Relative Strength Index (RSI) is currently at 56.9, suggesting an upward trajectory and growing buying momentum. Taken together, these technical indicators suggest that ASIANPAINT has the potential to reach the Rs 3562 and Rs 3725 targets in the near term.

A prudent strategy would involve considering buying opportunities on dips around the Rs 3175 level. Based on technical analysis and prevailing market conditions, ASIANPAINT appears to offer a promising buying opportunity for those targeting a price objective of Rs 3562 and Rs 3725. However, it is essential to implement prudent risk management strategies to navigate potential market fluctuations effectively.

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