Stock Radar: Contra buy? This Rs 2.8 lk cr paint stock bounces back after retesting 200-weeks EMA after falling 18% from record highs

Asian Paints, with a target of Rs 3400 in 2-4 months, rebounded after the 200-week EMA. Closing at Rs 2930 on 18 July 2024, down 18% from Rs 3566. Rebounded from 2700-2500 in May 2024. RSI at 50.3 and MACD bullish. Consolidating 2650-3500 range per Ajit Mishra of Religare Broking. Positional traders buy Rs 2900-3000.