Expect Asian Paints to touch Rs 930-940 in coming weeks, but traders must avoid stock on earnings day: Sandeep Wagle
Pattern-wise, Asian Paints is very positive and, as a positional trader, any move towards Rs 840-830 one should be bought into, says Wagle.
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In a chat with ET Now, Sandeep Wagle, Founder & CEO, Power My Wealth, shares his view on Asian Paints.
ET Now: Would you be comfortable buying into an Asian Paints on Tuesday morning ahead of the June quarter numbers?
Sandeep Wagle: The chart pattern suggests that there can be some more upside to Rs 880- 900 levels. But if it opens up with a gap of 3-4 per cent, then there is no point because that would have been discounted into the prices.
On the day of the results, there can be some wild movements. Therefore, as a day-trader, you can get trapped. But pattern-wise, sooner than later, Asian Paints looks moving ahead over the next few weeks or so. Asian Paints will be well above Rs 930-940. In that sense, I would be a buyer. For Tuesday, I would avoid the stock keeping the results in mind and the volatility that will follow.
But pattern-wise, the stock is very positive and, as a positional trader, any move towards Rs 840-830 should be bought into. I do not see the stock breaking below the Rs 800 level. On the upside, I would talk of Rs 930-940 over the next few weeks.
ET Now: Would you be comfortable buying into an Asian Paints on Tuesday morning ahead of the June quarter numbers?
Sandeep Wagle: The chart pattern suggests that there can be some more upside to Rs 880- 900 levels. But if it opens up with a gap of 3-4 per cent, then there is no point because that would have been discounted into the prices.
On the day of the results, there can be some wild movements. Therefore, as a day-trader, you can get trapped. But pattern-wise, sooner than later, Asian Paints looks moving ahead over the next few weeks or so. Asian Paints will be well above Rs 930-940. In that sense, I would be a buyer. For Tuesday, I would avoid the stock keeping the results in mind and the volatility that will follow.
But pattern-wise, the stock is very positive and, as a positional trader, any move towards Rs 840-830 should be bought into. I do not see the stock breaking below the Rs 800 level. On the upside, I would talk of Rs 930-940 over the next few weeks.
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