Asian Paints may slip to Rs 460-465: Shardul Kulkarni

Shardul Kulkarni of Angel Broking told CNBC-TV18, "I would not initiate fresh long positions in Asian Paints. There was a chart pattern at approximately around breakout level of around Rs 450 and that particular pattern has panned out and the stock has moved towards Rs 500. However, we feel that this entire move from Rs 390 to Rs 500 is a corrective upmove. We are not seeing that there is a strong potential that the stock would move higher from current levels."

"Profit booking is something which I would suggest in the near-term. From a trading perspective, I would expect the stock to correct to Rs 460-465 and there probably some opportunities might open up but at this point of time I would not suggest buying in case of Asian Paints. We are looking for a corrective downmove in the near future," he said. Disclosure: It is possible that we have positions in the stock discussed and we have recommended it to our clients.