10 Ki Kamai: Sumeet Bagadia recommends Asian Paints stock for long position
According to him, now fresh buying has started and one should hold it for existing long position; and if downtrend is seen on CMP at 1360 level then go for buying.
Sumeet Bagadia, Executive Director, Choice Broking in Zee Business 10 Ki Kamai show revealed that Asian Paints is his favourite stock today. The stock, he said, has earlier been recommended, but says that it can be opted for a long term position. According to him, after correction Asian Paints shares have consolidated now, and from here it will witness a rising trend.
Now, it will show a level of 1,400, which is a small target, and in coming weeks it will sustain and show the level from 1480 to 1500, said Sumeet Bagadia, adding "Since the structure of this stock is strong, one should retain it as a portfolio share in coming weeks." He further suggested that always retain the stock in your portfolio and should do trading according to proper technical support and resistance.
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According to him, now fresh buying has started and one should hold it for existing long position; and if downtrend is seen on CMP at 1360 level then go for buying. Because from here it will take pace and it will immediately have short term target of 1395 to 1400.
He added that closing about 1400 level, the stock will witness good pace and will have 1480 to 1500 levels in coming few weeks and added that the stock has level support at nearly 1340-1350, which will be stop loss for long positions.