Buy Asian Paints with a target at Rs 977: Rakesh Bansal

Rakesh Bansal, VP - R K Global recommends a buy rating on Asian Paints with a target price of Rs 977 and a strict stop loss placed at Rs 899 in intra-day trade. The stock has gained 6 per cent so far in the calendar year 2016. The stock is looking bullish on the charts.

Asian Paints is a low beta stock (0.88) and is trading well above its 50-day, 100-day and 200-day moving averages at Rs 874.47, Rs 873, and Rs 859.31 respectively, as per data collated by ETMarkets.com. The stock is trading with a P/E of 55.69 and P/B of 18.75.