Asian Paints Limited
Last Close: 2,422.70
Initiation range: 2,410-2,420
Stop loss: 2,360
Asian Paints has been seeing correction for the last two months, after making a new record high at 2873.45 levels. It has formed a base around the support zone of the medium-term moving average(100 EMA) on the daily chart and likely to see a rebound now. We thus advise creating fresh longs in the mentioned zone.
Last Close: 1,345.55
Initiation range: 1,330-1,340
Stop loss: 1,300
Most IT stocks are holding strong despite the recent volatility in the market and now look upbeat for a rebound. Among the IT majors, Infosys has formed a fresh buying pivot on the daily chart, after a week-long consolidation. The chart pattern and positioning of indicators are further adding to the confirmation.
Recommendation: Sell March Futures
Last Close: 803.40
Stop loss: 830
We’re seeing profit-taking in most of the pharma counters and Cipla has witnessed a fresh breakdown today i.e. March 9, after hovering in a narrow range for two weeks. Further, weakness in the pharma index is pointing towards the prevailing corrective trend to continue. We thus advise creating fresh shorts in the mentioned zone.
Note: All prices are in Rs
Disclaimer: Ajit Mishra is VP – Research at Religare Broking