Asian Paints: Oversold with Recovery Potential
Topic Statement: Asian Paints has faced a sharp decline due to weak third-quarter results, but strong support levels suggest a potential recovery ahead.
Key Points:
1. The company reported a profit decline of 23.5% QoQ in the third quarter.
2. The stock price fell sharply, creating a gap after the earnings announcement.
3. The price is taking heavy support at the 61.8% retracement level at 2260.
4. The stock is overextended below the 180-day moving average, making it highly oversold.
5. The weekly MFI is at 22, further confirming oversold conditions.
Key Points:
1. The company reported a profit decline of 23.5% QoQ in the third quarter.
2. The stock price fell sharply, creating a gap after the earnings announcement.
3. The price is taking heavy support at the 61.8% retracement level at 2260.
4. The stock is overextended below the 180-day moving average, making it highly oversold.
5. The weekly MFI is at 22, further confirming oversold conditions.
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