One can short Asian paints when a 75 minute/60 minute candle closes below 2945. The target of 2798 should look achievable if there is no reversal from weekly resistance (blue line).
Entry price: Short at 2940-2945 Target: 2798 SL: 2994/3031 Depending on risk appetite. I would go for SL of 3031 to avoid being taken out by any Wicks.
Disclaimer: I have already attempted the trade on Friday and shorted the current month Future Contract at 3976 (Around 3963 in cash segment). Although I entered it at high risk but it looks very much strong from chart.
@pawanb29 I am not very sure of that situation. Yes you are right, but I believe if the monthly support is breached by daily, then the trend will turn Bearish and should take a deeper correction. I know I attempted it before the indications could be seen but I took that presumptive risk.
The right entry would have been at 2940 on daily closing basis.