Trade Idea of The Day - Asian Paints Ltd Target Rs. 75 - Religare Broking Ltd
Asian Paints Ltd
BUY 30 JUN 2700 CALL SELL 30 JUN 2800 CALL Entry Range 25 – 27 Target 75 Stop Loss 10
Rationale
• ASIANPAINT has witnessed a strong recovery from the intraday low and is currently trading comfortably above its 20- day and 50-day EMA, indicating a positive shift in trend and strengthening bullish sentiment.
• On the technical front prices are forming a sequence of higher highs and higher lows over the past few weeks, suggesting sustained buying interest. The recent pullback appears to be a healthy profit-booking phase within the ongoing uptrend.
• Momentum indicators remain supportive, with RSI hovering above the 60 mark, reflecting improving strength without entering the overbought territory. Meanwhile, the MACD continues to hold in the bullish trajectory.
• For the near term sustained move above the 2600 zone keep the bullish bias intact. On the upside, 2800 mark acted as an immediate hurdle followed by 2850.
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SEBI Registration number is INZ00017433
