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.
Disclaimer: The author is Founder & CEO, 5nance.com. 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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