There is always BULL market somewhere. And even in turbulent times like now: one of the group that is making strong bullish move is Paint sector.
It seems to be a classic text book kind of bullishness. First – the leader broke out and then other stocks of the sector are following.
Asian Paints made a Big bang breakout to all time new high above 3340 on 23rd April…I did cover the stock on my previous blog..
Despite overall bearish market scenario – Asian Paints did a follow through above the breakout point and made a new high of 3740 i.e. upmove of 12%. It’s not over yet.
The next stock to breakout: Berger Paints
Look at the weekly chart below -
It looks like a picture perfect breakout on weekly chart above 116-123 zone. Considering the stock has strong sectoral support behind it – the follow through should not be an issue.
Both Asian Paints and Berger Paints are in Leadership Screen.
The other paint stocks like Shalimar Paints, Kansai Nerolac are also buzzing but considering they are not as liquid as Asian Paints and Berger Paints…it would be wise to focus on top 2 names only.
So, keep an eye on Paint stocks and do let me know your views