An analyst from Anand Rathi said that Berger Paints has shown signs of stabilizing and potentially reversing its downtrend, as indicated by technical patterns like the Bullish Bat and bullish divergence.
Traders are advised to book profits hereon as there could be a sharp corrective move in the coming weeks. On the downside, the immediate support is at 18,060, and a breach of the same might result in further profit-booking.
Greenpanel Industries surged 14 percent to Rs 312.5, the highest closing level since January 31 this year. The stock has formed large bullish candlestick pattern on the daily charts with significantly higher volumes and also there was an expansion of Bollinger band on both sides.
The zone of 17,600 –17,800 would be a tough nut to crack since we have a gap area near 17,500–17,600. Traders are advised to book their longs in index near this zone
Nykaa rallied nearly 8 percent to Rs 136.65 and formed long bullish candlestick pattern on the daily charts, after taking support at around Rs 121-122 levels in previous session and defended the all-time low of Rs 120.70 on January 23 this year.