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Asian Paints Ltd

SELL 28 APR 2240 CALL BUY 28 APR 2340 CALL  Asian Paints Ltd  Entry Range 30 - 35 Target Range 5 Stop Loss 50

Rationale

* On the daily chart ASIANPAINT remains in a sustained downtrend, forming lower highs and lower lows, reflecting persistent selling pressure and weak market sentiment across recent sessions.

* On the technical front prices are trading below the short term moving average of 20-DEMA, indicating a lack of bullish strength, while any minor pullbacks are facing resistance near the moving average zone.

* On the weekly timeframe MACD Histogram trading in a negative trajectory with bearish crossover, suggesting broader based weakness continued in the coming sessions.

* 14-Day RSI hovering near40 mark, indicating subdued momentum, and a decisive break below 2140 may accelerate the decline towards immediate support zone of 2000.

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SEBI Registration number is INZ00017433