The outlook is bullish for Mangalore Refinery & Petrochemicals (MRPL). The stock has risen well over the last two trading sessions from around the key ₹95-92 support zone. A trendline support is also present in this ₹95-92 region. That makes the recent rise a significant one and also keeps intact the uptrend that has been in place since April this year.
Immediate support is ₹100. Below that, ₹95-92 will continue to act as a strong support zone.
The MRPL share price can rise to ₹115-117 over the next couple of weeks. Traders can go long now. Accumulate on dips at ₹102. Keep the stop-loss at ₹97. Trail the stop-loss up to ₹108 as soon as the stock moves up to ₹110. Move the stop-loss further up to ₹111 when the stock touches ₹114. Exit the long positions at ₹116.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading.