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Shares of Asian Paints Ltd gained as much as 3.55 per cent to ₹1,423.45, highest since May 7.
At 12.50 pm, the stock of Asian Paints were trading higher by 2.60 per cent at Rs 1,409.10
The stock broke above a resistance at ₹1,391.98, the 23.6 per cent Fibonacci projection level of the uptrend Oct. 23, 2018 low to April 3, 2019 high. It also broke above its 20-day exponential moving average.
The breakout suggested that in a couple of days the stock may test the next resistance at ₹1,452.16, the 38.2 per cent projection level. Wave pattern suggested that stock has completed a three-wave correction and is in the first wave of a five-wave uptrend.
The stock is up 0.11 per cent this year as of last close, and has underperformed the broader NSE Index's 9.97 per ent gain in the same period.
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