Long Page Industries (PAGIND) May future in the range of 17800-18200. Target: 20500; Stop Loss: 16600
Page Industries has remained largely in the range since March between 17000-18000 levels and despite high volatility it was able to hold these levels. In the last few sessions, it has shown outperformance vis-à-vis market along with fresh long additions. The OI in the stock has risen by almost 15% since 15th May while the stock has gained close to 5% indicating long build-up. The delivery based buying seen in the stock around 17000 levels is likely to provide strong support on decline. We believe stock is likely to move above its consolidation range and it might attempt to test 20000 mark in the coming sessions.