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The outlook for Akzo Nobel India is bullish. The stock has been in a strong uptrend since mid-March this year with intermediate corrections. On Tuesday the stock has risen over 2 per cent. This indicates that the uptrend has resumed after a short correction. Immediate support is in the ₹3,450-₹3,430 region. Below that ₹3,380 is the next strong support. We expect the downside to be limited to ₹3,430 itself.
Akzo Nobel India share price can rise to ₹3,720-₹3,740 in a week or two. Traders can go long now at ₹3,506. Accumulate on dips at 3,470. Keep the stop-loss at ₹3,380. Trail the stop-loss up to ₹3,540 as soon as the stock moves up to ₹3,580. Move the stop-loss further up to ₹3,630 when the price touches ₹3,680. Exit the long positions at ₹3,720.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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