Trade Idea of The Day - Asian Paints Ltd Target Rs. 74 - Religare Broking Ltd
Asian Paints Ltd
BUY 28 JUL 2700 CALL SELL 28 JUL 2800 CALL Entry Range 40 – 45 Target 74 Stop Loss 18
Rationale
1. ASIANPAINT continues to maintain a bullish structure on the weekly chart after reclaiming the key moving averages of 20-WEMA and 50-WEMA, indicating a revival in medium-term momentum. Sustained trading above these moving averages reinforces the positive outlook.
2. The stock has been forming a series of higher highs and higher lows from the April lows, highlighting strong buying interest on every decline. As long as it holds above the 2600 support zone, the bullish trend is likely to remain intact.
3. Momentum indicators are supportive of the ongoing uptrend, with the RSI holding above the 55 mark while the MACD remains in positive territory with a bullish crossover, suggesting strengthening buying momentum.
4. A decisive move above the 2780-2800 resistance zone could trigger the next leg of the rally, opening the door for an upside towards 2900, while any short-term dips may continue to attract buying interest.
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SEBI Registration number is INZ00017433
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