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Century Plyboards India Ltd          BUY  technical

CMP: `205.60 (As on 02nd Feb, 2017)       pick
Buy: `205-190
Target Price: `238-267                    Century Plyboards India Ltd is largest seller of
Stop-Loss: `166                           plywood and decorative veneers in the Indian
                                          organized plywood market. The company
Century Plyboards India Ltd               manufactures and sells plywood, laminates,
                                          decorative veneers, pre-laminated boards, and
                                          flush doors in India and internationally. The
                                          company’s plywood segment provides plywood,
                                          block-board, veneer, and timber. Its laminate
                                          segment offers decorative laminates and pre-
                                          laminated boards. The company’s CFS Services
                                          segment provides container freight station
                                          services. It’s others segment engages in the
                                          trading of chemicals, minerals, and readymade
                                          furniture and equipment. It also exports its
                                          products. The company markets its products
                                          under the brand name Centuryply. The company
                                          exports its products to 20 countries that include
                                          UAE, China, Taiwan, Bangladesh, Singapore,
                                          Hong Kong, Saudi Arabia, France, UK, Germany,
                                          Mexico, Canada and Switzerland, among others.
                                          Technical Outlook:
                                          On the weekly chart, we are witnessing that
                                          prices have retraced the preceding up move by
                                          88.6% Fibonacci level. Further, the momentum
                                          Oscillator viz. the RSI is gaining momentum. At
                                          present the current close is also well above the
                                          200-days SMA. The above mentioned parameter
                                          clearly suggests that upside momentum is likely
                                          to continue.
                                          Hence we recommend buying in stock at 205.60
                                          on a decline up to Rs 190 with a stop loss of
                                          Rs 166 for a target of Rs 238-267 levels.

                                                                   5 ARIHANT CAPITAL ¡ FEBRUARY 2017
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