Buy Berger Paints, target Rs 314: Dinesh Rohira

Dinesh Rohira

Berger Paints maintained an upward trajectory on the weekly basis despite trading in a sideways direction on its long-term price chart and continued to hold a crucial support from Rs 260-244 levels.

After the recent consolidation phase from Rs 293 levels towards higher-low of Rs 274 levels, the scrip made a reversal trend on the weekly price to breach upward from its critical resistance.

The positive breakout on the weekly basis aided the scrip to form a bullish candlestick pattern indicating a positive sentiment at the current level.

The weekly RSI trend registered an upward momentum placed at 63 suggesting a buying regime along with MACD trading on a bullish momentum.

The scrip has a support placed at Rs 270 levels and resistance at Rs 325. We have a buy recommendation for Berger Paints which is currently trading at Rs 296.55.

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