The share price of JK Paper has been in a strong uptrend since July this year. The stock rose about 4.3 per cent on Thursday breaking above the 200-Day Moving Average (MA) resistance level at ₹374. This coupled with the 21-Day MA which is on the verge of crossing over the 100-Day MA strengthens the bullish case.
The 200-Day MA at ₹374 will be the immediate support. Below that ₹370 is the next important support. JK Paper share price can rise to ₹420-425 over the next three-four weeks. Traders can go long now. Accumulate at ₹375. Keep the stop-loss at ₹365. Trail the stop-loss up to ₹385 when the price moves up to ₹395. Move the stop-loss further up to ₹395 when JK Paper share price touches ₹403 on the upside. Exit the long positions at ₹410.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)