Manali Bhatia of Rudra Shares & Stock Brokers said immediate support is at 10588, which if breaks on lower side could further extend the fall till 10470 and 10291.
As expected, Nifty failed to cross 10,960 (100-DMA) and closed with the loss of 1.68 percent in a week at 10,693. Now, moving ahead street is looking forward to election result of three states which will bring heavy volatility in coming week.
To some extent, BJP losing in Rajasthan is already priced in but we can see a major knee-jerk reaction if things goes against the ruling party in Madhya Pradesh and Chhattisgarh.
Technical setup suggesting once we trade 10,870 on higher side and close above it then further upside is expected till 11,046 and 11,235.
On Friday Nifty formed “Bullish Harami” candlestick pattern and low of the pattern will provide immediate support at 10,588, which if breaks on lower side could further extend the fall till 10,470 and 10,291.
Substantial cumulative open interest in 10,500 put option and 10,000 put option suggest panic lows are likely to be bought. The medium term trend is still intact and will remain bullish until 9,950 trades on lower side with weekly close.
As macro factors are improving, boiling crude oil prices have cooled off over the last two months and bond yields have came down to 7.46 percent, we think election result will not change the trend and any fall will be an opportunity to accumulate quality stocks.
Volume growth, higher realisations coupled with improved operating parameters and abridged finance cost resulted in higher profit for the quarter. It registered net profit of Rs 109.57 crore, a rise from Rs 56.63 crore in the same quarter previous year.
Having current capacity at 4.55 lakh tonne, JK paper is all set to add additional capacity of 1.38 lakh tonne from Sirpur plant in Telangana, to help venture into coloured paper segment, the very first time by April, 2019.
Similarly, it will further increase its capacity by adding 1.5 lakh tonne in the next two years from Gujarat plant stemmed to focus on the packaging board vertical. Both would help to grow revenues at 15 percent CAGR over next 5 years.
The cut in paper production in China as a result of environmental concerns and levy of anti-dumping duty on uncoated copier paper imports from Indonesia, Thailand and Singapore are expected to increse the demand for paper.
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