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Today's pick: Asian Paints

| Updated on December 18, 2019 Published on December 18, 2019

The stock of Asian Paints, which was consolidating in a broad range between ₹1,300 and ₹1,480 in the first half of this year, broke out of the range in July. The stock then continued to rally and registered a lifetime high of ₹1,834.8 in October.

After that the stock declined to a low of ₹1,666.15 due to price correction, before resuming its uptrend again. On Wednesday, the stock took a significant step upwards as it closed above the resistance level of ₹1,760, opening the door for further appreciation.

The stock currently hovers above the 21- and 50-DMAs.

Investors can buy the stock on declines with stop-loss at ₹1,725. The short- and medium-term targets are ₹1,834 and ₹1,900.

Published on December 18, 2019