Stock name: Asian Paints

Pattern: At a crucial level

Time frame: Daily

Observation:

Asian paints has been sideways now for more than 1.5 years and is currently standing at a very crucial level. Although the stock had gone below this level of 2950, it had multiple times taken support at the said level as well. If the stock bounces off from this level, we can see some upward momentum in this stock but if it breaks the said level, bears would use this opportunity to drag the stock down.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Tata Group’s ambitious super app is expected to meet just half of the sales target in its debut year, forcing the sprawling Indian corporate to review its digital strategy, people familiar with the matter said. Tata Neu which went live in April, will see sales of about $4 billion in the year to March 31 compared with the $8 billion target set at the beginning of 2022.

2) Morris Garages (MG) revealed the Hector facelift and the Hector Plus at the ongoing Auto Expo 2023 today. The price range of the MG Hector facelift is between Rs. 14.73 lakhs and Rs. 20.78 lakhs. For MG Hector Plus, the price range is Rs. 17.5 lakhs and Rs. 22.43 lakhs.

3) Maruti Suzuki unveils concept electric SUV 'eVX' at Auto Expo 2023. Maruti Suzuki also displayed its range of 'sustainable' cars like the WagonR Flex Fuel prototype, Brezza S-CNG and Grand Vitara Intelligent Electric Hybrid at the Expo.

4) National Company Law Appellate Tribunal (NCLAT) has declined to stay the Competition Commission of India's (CCI's) Rs. 936.44 crores penalty on Google for its Play Store policies, news agency PTI reported today. The tech giant had asked the tribunal to block CCI's order to allow apps to use third-party payment apps for two months.