ASIAN PAINTS LTD (ASIANPAINT):
At the bourses, shares of these companies have risen up to 10 per cent since October 1.
So, what lies ahead? Is there more steam left or should one book profits at the current levels?
Take a look at what charts indicate for key paint stocks.
The counter has surged nearly 16 per cent from the previous high in March 2020 of Rs 1,910 mark. This huge rally may take some rest before moving in the direction of Rs 2,500 levels. This may happen due to short term profit booking; however the overall trend stays highly bullish. The Relative Strength Index (RSI) is trading sideways in the value of 68 to 55. So, any breach may trigger the next rally in the direction of the RSI value. The immediate support comes in at Rs 2,160 levels. CLICK HERE FOR THE CHART
PIDILITE INDUSTRIES LTD (PIDILITIND):
This counter has not fallen below the 100-weekly moving average (WMA) in the last three years, currently placed at Rs 1,305 levels. This has become the strong support with which this counter is scaling higher highs. The counter is comfortably moving towards a new all-time high of Rs 1,637. A short term support comes in at Rs 1,580. The overall trend is heading towards Rs 1,800 till the counter defends Rs 1,500 levels, as per the daily chart. CLICK HERE FOR THE CHART
BERGER PAINTS INDIA (BERGEPAINT):
After climbing a new record high of Rs 587 in September 2020, the stock price has surged nearly 15 per cent as of now. The momentum is not slowing down with stock entering the uncharted territory. The overall trend illustrates a move over Rs 750 levels with an immediate closing basis support of Rs 640 levels. The RSI has entered the overbought condition, suggesting the counter may witness a mild and healthy profit booking. CLICK HERE FOR THE CHART