Asian Paints hits record high; rises 6% in six days

Asian Paints gained 0.78% to Rs 2717.35, extending its winning run to sixth consecutive trading session.

The stock has surged 6.37% in six trading sessions from its previous closing low of Rs 2554.70 on 21 December 2020. The paint major hit an all-time high of Rs 2,723 in intraday today. The counter has jumped nearly 90% from its 52-week low of Rs 1431.80 hit on 19 March 2020.

In last one month the counter has surged nearly 23% outperforming the S&P BSE Sensex which rose 7.7% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 78.513. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 2326.33 and 2149.02 respectively. These levels will act as crucial support zones in near term.

Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world with a consolidated turnover of Rs 20,211.25 crore.

The paint major reported a 1.16% rise in net profit to Rs 851.9 crore on a 5.93% increase in revenue from operations to Rs 5,350.23 crore in Q2 September 2020 over Q2 September 2019.

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