Derivative Strategy for Asian Paints by Nandish Shah, Technical & Derivatives Analyst, HDFC Securities:
Buy Asian Paints
March Future at Rs 1,161
Stop loss of Rs 1,145
Target Rs 1,190
We have seen long positions being built in Asian Paint futures today where we have seen open interest addition of 10% with price rise of 2%.
Stock price has given breakout on the daily chart where It closes above 200 dma first time Since 23- January 2018.
Multiple bottom around 1090 levels during last few months
Momentum Indicators and oscillators are Indicating strength in the stock.
The analyst may have positions in any or all the stocks mentioned above