JK Paper share price has made a bullish breakout on Friday and has closed on a strong note for the week. The decisive break above the key resistance level of ₹455 last week confirms an inverted head and shoulder pattern on the chart. That strengthens the bullish case. The region between ₹455 and ₹450 will now act as a good support and limit the downside. Intermediate dips are likely to see fresh buyers coming into the market.
Today’s Stock Recommendation: June 18, 2024
JK Paper share price can rise to ₹580 in the coming weeks. Traders can go long now at ₹491. Accumulate on dips at ₹470. Keep the stop-loss at ₹435 initially. Trail the stop-loss up to ₹505 when the price goes up to ₹525. Move the stop-loss further upto ₹535 when the price touches ₹555. Exit the long positions at ₹570.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)