Shitij Gandhi
In the recent weeks, Berger Paints witnessed a fresh breakout above Rs 290 levels and tested Rs 305 levels thereon amid follow up buying.
However, since then profit booking at higher levels has once again pulled the prices towards its 100-days exponential moving average on daily charts with the formation of lower highs and lower lows.
This week we have witnessed a fresh breakout in prices above the falling trend line of the sloping channel along with marginally higher volumes. Traders can accumulate the stock in a range of Rs 283-287 for the upside target of Rs 315 and a stop loss below Rs 265.
Disclaimer: The author is Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts 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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