Technical view: What should traders do with JK Paper?
On YTD basis, the stock has generated nearly 120 per cent returns to its shareholders and is among the best performing stocks of 2022.
JK Paper (NSE Code: JKPAPER) is the leading paper producer of office papers, coated papers and packaging boards. The company has a robust distribution network and aims to reduce the turnaround time in servicing customers. Being a strong competitor, the Rs 7,000-market cap company holds one of the largest market shares in the industry.
Technically, the stock has registered a breakout from its triangle pattern with massive volume. It has surged over 5 per cent on the bourses despite weak sentiment in the market. It currently trades at its all-time high levels. All the moving averages are in an uptrend and indicate bullishness across all timeframes. The 14-period daily RSI (67.51) is in the bullish territory and signals strong strength in the stock. The MACD has given a bullish crossover and demonstrates potential upside in the stock. The OBV is at its peak and demonstrates strong buying activity in the stock. The volume has risen for the third consecutive day and is greater than 50-day average volume, thus confirming the bullish bias.
Currently, the JKPAPER share price trades at Rs 449 level on NSE. On YTD basis, the stock has generated nearly 120 per cent returns to its shareholders and is among the best performing stocks of 2022. The technical setup is bullish and quite attractive and the stock is expected to present many trading opportunities. Traders should keep a close watch over this stock in the upcoming trading sessions.
