TNPL, JK Paper: Paper stocks are set for higher levels. Stay put for now

Major paper stocks have managed to conquer their resistance levels and indicate a rising trend from a medium-term perspective

JK Paper Limited (JKPAPER):  The counter has crossed the resistance range of Rs 152 to Rs 158, as per the weekly chart. This move has come in the overbought category of Relative Strength Index (RSI), which indicates that the stock has been able to absorb all the selling pressure at higher levels. The next resistance comes at Rs 190 levels, which the counter now looks poised to conquer. Support on the closing basis comes in at Rs 150. CLICK HERE FOR THE CHART

Tamil Nadu Newsprint & Papers Limited (TNPL): If this counter manages to cross Rs 150 decisively, it can then rally towards the Rs 190 and then Rs 210 levels, as per the weekly chart. The recent upside has brought investor interest back in this stock with a substantial increase in volume, as per the daily chart. The Moving Average Convergence Divergence (MACD) has successfully managed to sustain above the zero line, reflecting that the trend remains bullish. CLICK HERE FOR THE CHART

Star Paper Mills Limited (STARPAPER): The stock has managed to cross its resistance of Rs 128, as per the daily chart. The trendline breakout on the RSI also supports the upside bias. Although the RSI has entered the overbought condition, the counter has not seen any major breakdown. The upside bias has support of Rs 122 on a closing basis. The breakout may see Star Paper rally to Rs 144, which is the next resistance, as per the weekly chart. CLICK HERE FOR THE CHART

West Coast Paper Mills Limited (WSTCSTPAPR): The recent sharp surge has seen West Coast Paper Mills conquer the resistance of Rs 258 levels. This breakout indicates a rally towards the next resistance of Rs 300, as per the weekly chart. The MACD is rising steadily and suggests that the stock is likely to rise further in the days ahead, provided the overall market momentum sustains. The immediate support comes in at Rs 240 and then at Rs 230 levels.  CLICK HERE FOR THE CHART

Andhra Paper Limited (ANDHRAPAP): This stock is trading near its resistance of Rs 280. If it manages to conquer this, the upside breakout may see a rally towards Rs 330 and then Rs 350 levels, as per the weekly chart. The closing basis support stays at Rs 250 levels. The MACD has crossed the zero line upward recently, suggesting an upward trend in the coming sessions.  CLICK HERE FOR THE CHART