The analyst pointed to strong technical signals and a potential rally toward ₹2,520 if momentum holds.
Shares of Asian Paints are showing signs of a clear turnaround after a long downtrend, closing firmly above a key resistance level of ₹2,400 on August 1.
According to SEBI-registered analyst Anupam Bajpai, the stock has formed a classic rounding bottom pattern, forming a technical pattern that often signals a shift from weakness to strength.
Technical Outlook
The base of the pattern held support near ₹2,320, and the breakout was confirmed when the stock moved past ₹2,400.
Bajpai also pointed out that the stock has now crossed its 200-day moving average, which had been acting as resistance.
With that barrier cleared, it’s now expected to serve as strong support going forward.
Bullish confirmation has come with a crossover of 5-day and 20-day moving averages taking shape, marking another sign that this rally has some legs.
If it sustains above ₹2,400, it can aim at ₹2,520 over the short term, added Bajpai.
Fundamental Watch
Asian Paints reported a 6% year-on-year decline in consolidated net profit for the June quarter, coming in at ₹1,100 crore compared to ₹1,170 crore a year earlier.
Revenue from operations stood marginally lower at ₹8,924 crore, down 0.20% from ₹8,943 crore in the same period last year.
Additionally, U.S.-based PPG Industries has renewed its joint venture agreement with Asian Paints for another 15 years, extending the partnership through 2041. The extension covers both existing 50:50 joint ventures, including PPG Asian Paints Private, focused on automotive, marine, and packaging coatings, and Asian Paints PPG Private, which handles protective and powder coatings.
On Stocktwits, retail sentiment for Asian Paints was ‘bullish’ amid ‘high’ message volume.
Asian Paints’ stock has risen 5.2% so far in 2025.
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