MRPL has target of Rs 76: E Mathew

Technical Analyst, E Mathew is of the view that Mangalore Refinery and Petrochemicals, MRPL has target of Rs 76. It can even touch Rs 82-85 zone, he added.

Mathew told CNBC-TV18, "MRPL is amazing actually to say the least. This stock has now broken out above an important level of around about Rs 55 to Rs 58 and the breakout has been very convincing. But the only problem now is that is the stoploss is also around this breakout zone of Rs 57-58. The immediate target is around Rs 76, but the way the stock has moved up on volumes, this stock has the potential possibly to move up to around Rs 82 to Rs 85 zone, which really is a big supply zone. Incidentally, it is not MRPL alone."

He further added, "I was just having a look at some of these absolute neglected stocks like a BPCL or even an HPCL, even their chats strangely enough are not looking too bad at least from a very short-term view."  

Disclosure: It is safe to assume that analyst & his clients may have an investment interest in the stocks/sectors discussed.