Paper maker JK Paper is all set to post significant gains on the stock exchanges in the coming months. Market Russia is already recovering from its rapid reforms from last week due to the intense escalation of its invasion of Ukraine. Since the beginning of this week, JK Paper has seen the bulls’ side as the stock nears its record highs on the exchanges.
JK Paper stock has been rising since November 2020, when the stock was close to Rs 86 and reached a new high of Rs 285 in August 2021. The uptrend tick still rests on the stock and has the potential to reach the top. 465 per mark.
On Monday, Sensex and Nifty 50 continued to gain traction as investors’ strategy moved towards strategic buying. A fruitful rally on Indian exchanges adds to the easing of commodity prices. BSE Sensex closed near 56,500, while Nifty 50 closed slightly above 16,870.
On market performance, Vinod Nair, Head of Research, Geojit Financial Services, said, “We are gaining traction as the strategy shifts from strategic selling to strategic buying. Investments are decreasing as commodity prices are coming back.” FII selling and falling crude oil prices are expected to continue on the back of diplomatic growth and provide an edge to the domestic market. Globally, investors are ready to hike rates as expected. Domestic WPI But the market is ignoring as future prices could be disappointing.”
JK Paper on Monday closed at Rs 277.05 with a gain of Rs 8.75 or 3.26% on the BSE, tracking the rally in broader markets. The stock climbed to an intraday high of Rs 279.75 which is already close to the 52-week high of Rs 284.80.
In technical stock recommendations, Bharat Gala, President – Technical Research, Ventura Securities, has further set a potential target of Rs 465 on JK Paper.
Comparing the Ventura target with the previous day’s closing price, JK Paper stock is expected to rise by over 73% going forward.
The gala highlighted that JK Paper’s share price rose from 86.5 (Nov 20) to 285 (August 21), creating a series of high bottoms. However, there was a technical correction in the form of profit booking and the stock made a low of 192 on December 21.
“Stock traded in 190 to 250 price zone from September 21st to March 22nd,” said Gala, “Recently the stock gave range breakouts and made a high of 275 with supportive volume and hit a high of 285 on August 21st.” expected to cross. ,
As per the gala, the Aroon Up/Down, KST and MACD indicators suggest a possible up move. 200 DMA is in ascending mode and Super Trend is also in positive mode since Nov 2020.
Setting a target of Rs 465 on JK Paper, Gala said, “If the stock price corrects to the downside then buy levels are (255-243)-233- (223-218).” However, he also directed a stop loss of Rs 190 in the trade.
This week the markets are eagerly waiting for the outcome of the Fed meeting to be held on Wednesday. Investors await Fed commentary amid the Russia-Ukraine conflict, while a potential 25 basis point increase is on the cards.
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