Asian Paints seems to be good stock in the Paints group. Stock is moving in an upward trending channel with less volatility. Good for portfolio stock which can have steady growth.
Short Term:
Asian Paints is moving in a channel. Yesterday Nifty breaking good support levels, stock was also shown some 2.3% correction breaking down its 50 DEMA. Stock is weak for shorter term. One can go short on the stock with a target prices of 4257/4169/4018 for shorter term.
Long Term:
Asian Paints stock may move in channel if it holds the channel.Short term we are looking for some correction, so long term investors can wait and look for the stock if it can come to bottom of the channel and enter. Good entry levels considering stock touches the bottom of the channel is 3500 levels. For a target of 5000 levels. Wait patiently and get in at good price with strict SL at bottom of the channel, If channel breaks below stock may see much lower levels 2300. So wait and see for long term.
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