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Investors with a short-term perspective can consider buying the stock of Berger Paints India at current levels. The outlook for the stock is bullish. The stock rose 2 per cent on Tuesday breaking above an important near-term resistance at ₹230. The upmove that had begun during the last week of June at around ₹195 halted at ₹234 on July 11. However, the pull-back from this high was short-lived as the stock found support near ₹218 and consolidated between ₹218 and ₹230. The rise on Tuesday has broken this consolidation phase and signalled resumption of the overall uptrend. Immediate support is at ₹230 followed by strong support at ₹222, both of which can limit the downside in the short term. A rise to ₹250 and ₹270 looks likely in the coming days. Investors with a short-term perspective can buy the stock. Stop-loss can be placed at ₹222 for a target of ₹250. Revise the stop-loss higher to ₹240 as soon as the stock moves to ₹245.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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