Asian Paints Limited (ASIANPAINT) Stock - Complete Technical Analysis - Dec 23, 2024

Asian Paints Technical Analysis: Support, Resistance & Indicators

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Asian Paints is trading at 2282, just 0.75 percent above its 52-week low, signaling strong bearish momentum. Indicators such as the RSI at 20 and Stochastic Oscillators hovering in oversold territories emphasize the possibility of a trend reversal, but no confirmation yet. The MACD histogram is deeply negative, highlighting strong selling pressure. Price action analysis shows consistent lower highs, with support near 2265 and resistance forming in the 24002500 zone. Moving averages depict a bearish setup, with all short-term and long-term averages positioned above the current price. The ADX at 60 reflects the strength of the ongoing downtrend. However, high volatility as per ATR suggests traders should be prepared for sudden price surges or drops. Watch for a close above the 10-day EMA at 2361 to signal bullish momentum. Until then, the trend remains bearish with potential for new lows.