Indigo Paints IPO opens: Trading strategies for other paint stocks

The recent reversal in paint stocks may see aggravated buying momentum after conquering significant resistances

Shares of paint companies traded firm at the bourses on Wednesday as the three-day initial public offering (IPO) of Indigo Paints opened for public subscription. Among individual stocks, Shalimar Paints rose as high as 3.5 per cent on the BSE while Berger Paints and Kansai Nerolac Paints also gained 2 per cent each. Asian Paints also climbed as high as 1.7 per cent in intra-day deals. In comparison, the S&P BSE Sensex was up 0.46 per cent, at 11:47 AM.

The price band of Indigo Paints IPO has been fixed at Rs 1,488-1,490 per share for the initial share sale.