Today's Pick

MRPL (₹117.9)

Yoganand D | Updated on January 15, 2018 Published on April 12, 2017

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Investors with a short-term perspective can buy the stock of Mangalore Refinery and Petrochemicals Ltd (MRPL) at current levels. On Wednesday, MRPL jumped 4.5 with good volume breaking above the key medium-term resistance level of ₹113 which was limiting the upside in the months of January and February this year. With this rally, the stock has resumed its medium- as well as long-term uptrend.

The stock trades well above its 21- and 50-DMAs. Medium-term uptrend is intact. The daily and weekly relative strength indices feature in the bullish zone backing the stock’s uptrend. Further, the daily and weekly price rate of change indicators hover in the positive territory implying buying interest. .

Any corrective declines can find support at ₹113. Traders with a short-term perspective can buy the stock with a stop-loss at ₹115. The short-term targets for the stock are ₹123 and ₹125 levels.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on April 12, 2017
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