ASIANPAINT 1 Week View

📊 Weekly Support & Resistance Levels

Support Levels:

S1: ₹2,524.63

S2: ₹2,502.97

S3: ₹2,481.13

S4: ₹2,452.73

Central Pivot: ₹2,553.57

Resistance Levels:

R1: ₹2,568.13

R2: ₹2,589.97

R3: ₹2,611.63

R4: ₹2,647.13

Central Pivot: ₹2,553.57

📈 Technical Indicators (Weekly Timeframe)

Relative Strength Index (RSI): Indicates a bullish trend.

Moving Average Convergence Divergence (MACD): Shows a bullish crossover, supporting upward momentum.

Moving Averages: Both 50-day and 200-day moving averages are trending upwards, confirming a positive short-term outlook.

Pivot Points: Trading above the central pivot suggests a bullish bias.

🔍 Observations

Asian Paints has been trading within a parallel channel since May 2021. A significant gap-down breakdown occurred in November 2024, followed by a series of bearish candles. If the current momentum persists, further downward movement is possible. However, the stock is approaching key support levels, which may act as a cushion against further declines.