Comments
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.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.