"Asian Paints can be bought at current level and on dips to Rs 1165 with a stop loss below Rs 1140 for target of Rs 1260 levels," says Ashish Chaturmohta, Head Technical and Derivatives at Sanctum Wealth Management.
In the last one-year, Asian Paints has tested support level of Rs 1090 on multiple occasions. The stock has seen a rally from this level in last three weeks. Also, on daily chart price has W shaped pattern on daily chart over last three weeks.
On the weekly chart on Friday, the stock has given breakout from Bollinger bands with the expansion of bands suggesting the trend is likely to continue in the direction of the breakout.
Thus, Asian Paints can be bought at current level and on dips to Rs 1165 with a stop loss below Rs 1140 for target of Rs 1260 levels.Disclaimer: The author is Head Technical and Derivatives, Sanctum Wealth Management. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.