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The stock of manganese miner MOIL has been in an uptrend since August 2013 and has rallied 30 per cent from its all time low of Rs 182.35. Within this uptrend, the stock has taken a pause and has been consolidating sideways since October. Declines within this consolidation have happened with low volumes while rallies are accompanied with high volumes.
This suggests that the positive sentiment remains intact with good probability of a bullish breakout. Strong support at Rs 229 can limit the downside. . The stock can rally to Rs 254 in the coming trading sessions. Short-term traders can buy the stock with a stop-loss at Rs 229. Traders with a medium-term perspective can accumulate the stock on decline. The price target for the medium term is Rs 275.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading. )
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