The stock of Asian Paints (₹2,737.80) is crucially placed and has been moving sideways, trying to find direction. Immediate support levels are ₹2,635 and ₹2,430. A close below the latter will change the short-term outlook negative and can take the stock to ₹2,270.Immediate resistance is at ₹2,874 and a close above this will trigger a rally that could lift stock above ₹3,000. We expect the rally to continue in the short-term as Asian Paints will announce Q1 FY27 financial results on July 29.F&O pointers: Asian Paints July futures closed at ₹2,744 against the spot price of ₹2,737.80. The premium indicates a build-up of long positions. The July futures saw a strong build up from 8 lakh shares on June 23 to over 86 lakh shares now, as traders preferred long rollovers. Option trading indicates that Asian Paints could move in the ₹2,480-2,600 range.Strategy: Buy Asian Paints futures while keeping initial stop-loss at ₹2,720. Shift stop-loss to ₹2,740 if the stock opens on positive note and stays firm in Monday’s early trade. Target can be ₹2,800.This strategy is strictly for traders with high risk tolerance and are comfortable in meeting the margin commitments for futures. Traders should also bear it in mind that Asian Paints is a high beta stock, indicating higher risk. We advise traders to stay away from this strategy if Asian Paints opens below ₹2,700 or above ₹2,755.Follow-up: Ashok Leyland hit the mentioned targets.Note: The recommendations are based on technical analysis and F&O positions. There is a risk of loss in trading.Published on July 4, 2026