Painting The Market Green

JC Parets
April 2, 2021

The weekend is when we open all our chartbooks and go through every chart in order to update or follow trends and sentiments as they build over the week. But sometimes, a few names pop up even before we hit the weekend research start button.

Today we will discuss two such names that seem to be displaying resilience in the market over the past couple of weeks.

Asian Paints has been one of the strongest performers in the Consumer Durables segment and post a minor correction seems ready for another leg of the rally. The price moved below the level of 2,444 but climbed right back above it as soon as the market became choppy. As can be seen, the indicator has pretty much forgotten what it's like to be oversold and isn't in a hurry to reminisce that at the moment.

We are bullish above the level of 2,444 with a target near 3,430.

Click on chart to enlarge view.

Berger Paints has had a similar price move whereby the price moved below the level of 725 and is now back above that crucial level. With the next level of resistance at 800, only a breakout above 800 would warrant an actionable trade.

We are bullish above the level of 800, with a target near 930.

 

Thanks for reading and please let us know if you have any questions.

Allstarcharts Team

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