In the previous session, the market opened on a positive note but in the very first hour we noticed some corrections. However, the Index recovered all the lows as the day progressed and closed on a positive note. The index formed a small Bullish candle on the chart. The headline index closed with a net gain of 206.65 points. We recommend continuing to approach the markets in a stock specific way.

Look at the below research report of ‘Stocks to Buy for – Friday, April 29, 2022’ before the market opens.

Asian Paints Ltd.

In the daily time frame, stock is moving in the form of a ‘Inverted Head & shoulder’ pattern. The right shoulder completed near 3164 level. Recently, stock has given a breakout from the neckline of the pattern. Stock formed a strong bullish candle in the previous session. The 21 days Moving average is acting very well on the stock. In addition, the Relative Strength Index (RSI) on the daily chart is 62.78 indicate strength in the stock.

In a Nutshell, the trend for ASIANPAINT looks to be positive now. A pull back can be expected near 3160-3165 levels. Use dips as a buying opportunity for a move towards 3377/ 3724 levels as long as we do not see any closing below 3029 levels.

Check More Analysis on ASIANPAINT at: Asian Paints Ltd.