Painting Profits? Decoding Asian Paints’ Future with Elliott Wave Analysis

Asian Paints is currently in a correctives phase according to Elliott Wave analysis, holding out potential for traders. The stock is correcting a Minor A-B-C corrective wave with Wave C completing in the ₹2200-₹2450 price range. Break-out above ₹2370 level of resistance will confirm the turn-around in the favor of the bull, initiating the ascensional force.

The daily and weekly charts show that Orange Wave 4 is still in progress, part of the bigger Navy Blue Wave 3 pattern. Once this correction completes, the stock should resume its uptrend with Orange Wave 5, set to move higher. Analysts recommend monitoring important support at ₹2000 and resistance at ₹2370 for actionable insights.

This setup highlights short-term trading potential as well as long-term potential for growth to investors.

Source: FXStreet, Trading Lounge