Ashish Chaturmohta
Berger Paints has been consolidating at higher levels between Rs 285 and Rs 230 odd levels for the past one year. For the past couple of weeks, the stock has witnessed above average volumes and positive price movement indicating buying participation in the stock.
In the last one-month, the stock has formed higher lows indicating buying coming in at higher levels. Currently, the stock is trading around at its all-time high levels and generally post the breakout price continue to rally.
The relative strength index or the RSI has turned up after taking after support from its average. The Daily MACD has given a positive crossover with its average above the neutral level of zero suggesting the stock is likely to see a breakout on the upside.
Thus, traders can buy the stock at current level and on dips towards Rs 280 with a stop loss below Rs 272, and a target of Rs 325 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.
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