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Investors with a short-term perspective can consider buying the stock of Mangalore Refinery & Petrochemicals at current levels. After a medium-term corrective decline, retracing the 50 per cent fibonacci retracement level of the prior uptrend, the stock found support around ₹60 recently. Subsequently, the stock changed direction and resumed its intermediate-term uptrend since February low of ₹38.
On Tuesday, MRPL decisively broke through a key medium-term resistance level at ₹64 by gaining 5.4 per cent. Volumes are increasing over the past two trading sessions. The relative strength index on the daily chart has entered the neutral region from the bearish zone and weekly RSI continue to feature in the neutral region. With the bullish momentum back in the stock, we expect its current rally to continue and reach our price target of ₹68 and ₹69.5 in the approaching trading sessions. Buy the stock with a stop-loss at ₹63.8.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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