Technical Pick : Asian Paints Ltd For Target Rs. 3340 - Prabhudas Lilladhar Ltd
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The stock after witnessing a decent correction has once again attained the long term trendline support zone at 2900 levels where it has shown signs of bottoming out and has indicated a pullback with bias improving. Previously, on two occasions, it had indicated a decent trend reversal from the trendline support zone, and currently, in a similar manner, we anticipate further rise in the coming days with the RSI, hovering near the highly oversold zone has indicated a trend reversal to signal a buy. With the risk-reward favorable and the chart looking very attractive, we suggest a buy in the stock for an upside target of 3340 keeping the stop loss at 2860 level.
Buy Asian Paints Ltd CMP 2968; SL 2860(3.65%); Target 3340(12.55%)
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