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Akzo Nobel India’s stock has been in an uptrend since June last year and began its recent leg of uptrend last week. It bounced off the support at ₹2,625, the 20-day moving average. It broke out of the resistance at ₹2,790 on Tuesday, and thus, the stock looks set to rally further from the current level of ₹2,825 significantly.
Akzo Nobel’s share price could touch ₹2,900 within this week, and the price action hints that this stock is a good buy for intraday on Wednesday. But there could be a correction to ₹2,790. Therefore, we suggest buying this stock at the current level of ₹2,825 and accumulating if the price dips to ₹2,790. Target and stop-loss can be at ₹2,890 and ₹2,765, respectively.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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