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The short-term outlook for the stock of Century Plyboards (I) is bullish. The support is at ₹651, the 21-Day Moving Average (DMA) with the immediate trendline resistance at ₹705. The chances are high for the stock to break above ₹705 and rise to ₹745 in the next couple of weeks. A corrective dip to ₹710 cannot be ruled out. But, the stock is likely to break above ₹745 and reach the target of ₹790-₹800 in the next one month.
Traders can go long at the current levels and accumulate on dips at ₹658. Keep the stop-loss at ₹628. Move the stop-loss to ₹705 as soon as the stock moves up to ₹735 and further to ₹730 when touching ₹760 on the upside. Book profits at ₹785.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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