Technical updates on Asian Paints

 

Asian Paints

 

 

Asian Paint had support at Rs.4490 and today this support is broken on closing basis. It is likely to fall further.

Nifty medium term trend

Trend	DOWN
Initiation Date	29-11-12
Initiated at	5761
High since change	5761
Reversal if closes below	5990

Last time our medium term trend indicator signalled long around 5800 and after that Nifty reached a peak of 6100. As per our indicator down trend has just started and it will continue as long Nifty is below 5990.  So technically this is not the time to consider long unless you have a mechanical method which indicates buy/sell. Lets see what our dear Finance Minister is going to do? 

We have continued to hold short in Bank Nifty which is initiated at 12700. Believe it or not!!

Thought for the day

 

There are hundreds of paths up the mountain, all leading to the same place, so it doesn’t matter which path you take.The only person wasting time is the one who runs around the mountain, telling everyone that his or her path is wrong - Hindu Proverb