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Technical Observations

* Paper stocks are seen resuming fresh up move after last two months breather. JK Paper is our preferred pick among the paper stocks.

* The share price of JK Paper is seen resuming up move after a bullish double bottom like formation in the daily chart around the 50 days EMA (currently at | 233) signalling strength and offers fresh entry opportunity

* The stock on Tuesday session has registered a breakout above the falling supply line joining the highs of the last two months signalling resumption of up move and opens upside towards | 268 being the 80% retracement of the entire last two months breather (|284-219)

* The breakout above the falling supply line is supported by strong volume of more than three times the 200 days average volume of 23 lakhs share per day highlighting larger participation in the direction of trend

Buy JK Paper  Ltd @ 243.00-248.00 TGT 264 SL 233

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