Asian Paints hits over 3-1/2 month high; chart suggests more upside

Shares of Asian Paints gained as much as 2.3 per cent to Rs 1,386.9, their highest since September 3.

The stock broke above a resistance at Rs 1,362.74, the 38.2 per cent Fibonacci projection level of the uptrend from December 22, 2016 low to July 25, 2018 high.

This breakout suggests that in the near-term, the stock may rise up to the next resistance at Rs 1,438.55, the 50 per cent projection level.


Trend intensity(TI) indicator rose to 16, which suggested a new uptrend had started for the stock.

MACD is positive and above its signal line.

The stock is up 17.02 per cent this year, compared with the broader NSE Index's 3.59 per cent gain in the same period.

The stock settled 3.39 per cent higher at Rs 1,400.40 on BSE.