Jaiswal told CNBC-TV18, "Ballarpur Industries is still looking strong but it has some resistance near to Rs 39. But if it crosses Rs 39 then the stock can come in the range of Rs 48 to Rs 50."
He further added, "On downside now the stock has very strong support near to Rs 32. So on decline one should buy and not at current levels."
At 14:02 hrs the share was quoting at Rs 36.85, up Rs 4.80, or 14.98%. Yesterday the share closed down 0.77% or Rs 0.25 at Rs 32.05.
The company touched its 52 week high Rs 34.40 and 52 week low Rs 17.18 on 08 Apr, 2010 and 08 Apr, 2009, respectively. Currently, it is trading 7.12% below its 52-week high and 114.49% above its 52-week low. Market capitalisation stands at Rs 2,047.11 crore.
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