Paper Stocks in Focus – West Coast gains 5%, JK Paper up over 6% on Tuesday – know triggers that are effecting bull run in share prices

The bull run in paper stocks are expected to continue in the near to immediate term, technical analyst Nilesh Jain opines. He recommends two stocks for gains – West Coast Paper Mills Limited and JK Paper Limited. 

Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking, said that the stocks have been riding on a favourable development regarding the imposition import duty on décor papers.

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Also Read: Paper stocks in focus: What’s really driving this sector – Analysts decode triggers; check price target 

West Coast Paper Mills – Jain is bullish on this stock. He recommends a buy in this stock with price targets of Rs 320 and Rs 340. He puts the stop loss at Rs 270.  

The West Coast Paper Mills shares were trading at Rs 286.05 on the NSE on Tuesday at 12:45 pm. They were up 5.2 per cent or by Rs 14 from the Monday closing price.  

Today, the stock hit its 52-week high of RS 290. The 52-week low is Rs 154.50 which it hit on 5 November 2020. The stock was trading with volumes, with 1,064, 284 shares being traded around this time. The traded value was over RS 32 cr.  

Over the last 6-7 trading sessions, the stock has largely moved with an upward bias.  

JK Paper – Another stock recommended by Jain was JK Paper. This stock was also up 6.3 per cent up around this time on the NSE and was trading at Rs 247.75. Buy this stock for a price target of Rs 280 with a stop loss of Rs 225, Jain said.  

The 52-week high of this stock is Rs 284.90 which it attained in August 2021. The 52-week low is Rs 86.30 which it hit on 30 October 2020. The stock has moved both ways over the last 6-7 trading sessions.  

The AVP said that the stocks are looking for an upside with positive technical triggers. The stocks have seen a breakout after consolidation, he added.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)