Asian Paints Breakdown, sell on rally to 890 levels

Counter has broken 200 DMA convincingly, along with major support zones. These will now start acting as major resistance. With the overall bearish sentiment persisting in the market the counter could further weaken to 800 levels. The short sell should be initiated only on a pull back to ensure decent risk/reward ratio can be achieved.

Kommentera:

the stock has corrected from the 890 levels, trading at 883 now, we can take partial profits, or even close the position once. Lower levels are still likely, we can initiate fresh sell again after expiry