Business Daily from THE HINDU group of publications
Friday, Dec 12, 2008
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Business Daily from THE HINDU group of publications Friday, Dec 12, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Stocks Markets - Recommendation 
We recommend a buy in Mangalore Refinery and Petrochemicals (MRPL) from a short-term trading perspective. It is evident from the charts of MRPL that it had been on an intermediate-term downtrend from its April peak of Rs 109 to the December low of Rs 32 levels. However, the stock found support at the significant support band between Rs 30 and 33 in early December. On December 11, MRPL gained almost 8 per cent with good volume. While charting this move, the stock penetrated the intermediate-term down trendline as well as the 21-day moving average implying a bullish trend. We believe that the stock has formed a short-term bottom. We also observe a positive divergence in the weekly relative strength index, while the daily RSI is rising in the neutral region. Our short-term outlook for the stock is positive. We expect the stock’s up move to prolong until it hits our price target of Rs 42 in the upcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 35.5. Yoganand D.
MRPL pays dividend to HPCL MRPL pays Rs 150-cr dividend MRPL net down 92% in second quarter MRPL net grows 129% in Q1 More Stories on : Stocks | Recommendation | Petroleum
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