Buy Berger Paints between 415 and 424.2; Target 485.0 -HDFC Securities

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

��

-->
Observation:
Berger Paints has broken out today of its recent narrow trading range between the 392 and 414 levels. The stock
was trading within this range for the last two weeks.
Today’s breakout was accompanied with higher than average volumes, indicating that there was significant
accumulation.
Technical indicators are giving positive signals as the stock trades above the short term (13 day SMA) and medium
term (50-day SMA) moving averages. Both these moving averages were actually providing support to the stock in
the last few weeks.
Momentum indicators like the 14-day RSI too are in rising mode and not yet overbought. The 14-day RSI is also
above its 9-day EMA, which is a healthy signal for the stock.
Given the positive technical set up, we believe the stock has the potential to move higher in the coming days.
Our upside target of Rs.485 is above the recent intermediate high of 453. Our entry levels along with the stop loss
and targets are given above

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010542