You are currently viewing Stock in Focus: Century Ply, CMP 699, Long Term – Technical Call

Stock in Focus: Century Ply, CMP 699, Long Term – Technical Call

June 17, 2024: Century Plyboards (India) Ltd. is a leading manufacturer and supplier of plywood, laminates, and other allied products, with over 29% of market share within organized sector. The company manufactures a range of products including plywood, veneer, laminates, medium density fiber (MDF), particle board, and allied products. The Indian plywood industry is dominated by unorganized players, who account for around 70% of the total plywood market.

Very recently they had announced the opening of the largest integrated wood panel unit in Andhra Pradesh.

Since Dec 2023, FII and public both have reduced the stake over time, but that overhang seems to be gone as of now. The recommendation is based on technical analysis.

On the Monthly chart, it seems that correction has been arrested and stock in on an uptrend on larger time frame. Stop Loss can be set as 625

If we see the Daily timeframe then we can see that Stock is trying to come-up 200 SMA (red line) as well as currently its priced below the Volume Weighted Average Price as highlighted with white line.