Shares of Asian Paints Ltd gain as much as 2.3 per cent to 1386.9 rupees, their highest since Sept. 3

Stock breaks above a resistance at 1,362.74 rupees, the 38.2 per cent Fibonacci projection level of the uptrend from Dec. 22, 2016 low to July 25, 2018 high

Breakout suggests that in the near term, stock may rise up to the next resistance at 1,438.55 rupees, the 50 per cent projection level

Trend intensity(TI) indicator rises to 16, suggests, a new uptrend has started for the stock

MACD is positive and above its signal line

Stock is up 17.02 per cent this year, compared with the broader NSE Index's 3.59 per cent gain in the same period