01 Jun , 2021 By : Priyanka Dutta
Hardik Shah Recommends Star Paper Mills Ltd.
Star Paper Mills Limited established in 1938, is
an integrated Pulp and Paper Mill. It produces a wide range of Industrial,
Packaging and Cultural Papers catering to almost all segments of the Consumers.
Star has a distribution network throughout the Country. The stock
has come under the radar recently & Hardik Shah has posted a strong buy position
for the stock.
Mr. Shah in his social handle Maahir In Stocks explains why should you buy Star Papers Ltd riding on strong technical views. The stock has simply made double bottom formation on support zone which was earlier strong resistance. See below chart for reference.
On daily chart stock gave breakout from Ascending Triangle
Chart Pattern after almost 18 months. The stock is also filling gaps which were
earlier formed.
On weekly charts stock is giving breakout from Symmetric
triangle pattern after very long time. Now at last on
weekly charts the stock is also giving breakout from 62% Fibo retracement.
Riding on strong technical indicators & fundamentals of the company Hardik Shah has strong reasons to back his long positions on the stock. He has also recommended the same on this social media telegram channel Maahir In Stock
Star Papers Ltd buy recommended above 142 levels with a stop loss of 127, wherein Mr. Shah expects an upside of 20% from current levels. Short to medium term view of 166-172 is expected according to technical readings of the stock.
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