Brent Crude prices have crashed 15 percent from the peak of $77.80 a barrel level and are currently trading around $72 a barrel after recovering from the low of $67.42 hit earlier in the week. This drop in crude price has a positive impact on paint stocks.
Hence, the stocks of Asian Paints, Berger Paints, and Pidilite Industries have scaled news highs in trade today(22nd July 2021). Even on a year-to-date (YTD) basis, their performance has been noteworthy with Pidilite Industries rallying 32 percent and Asian and Berger Paints up 15 percent each, data available with ACE Equity shows.
The tech charts signals for some of these shares are:
ASIAN PAINTS LTD
Likely target: Rs 3,500
Upside potential: 11
As long as the support of the 50-days moving average (DMA) is held firmly, placed at Rs 2,958-mark, the upside sentiment is expected to surge.
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