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The short-term outlook is bullish for Century Plyboards (I). The stock surged over 4 per cent on Wednesday. That rise has taken it above the 100-Day Moving Average (MA) resistance poised around ₹650. Prior to this rise, the stock had found strong support below ₹630 this week.
The 100-Day MA will be an immediate support now. Below ₹630-628 will be the next important support zone. Century Plyboards (I) share price can rise to ₹700-715 over the next three-four weeks. Short-term traders can go long at current levels. Accumulate on dips at ₹652 and ₹640. Keep the stop-loss at ₹625. Trail the stop-loss up to ₹660 as soon as the stock moves up to ₹668. Move the stop-loss further up to ₹675 when the price touches ₹682. Exit the long positions at ₹695.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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