IIFL is bullish on MRPL and has recommended buy rating on the stock with a target of Rs 81 in its June 6, 2011 research report.
"Daily chart of MRPL depicts a bullish Inverted Head and Shoulder formation with prices crossing above the neckline of Rs 76 in Friday's session. The stock last week, saw a sharply rally from its 200-DMA with higher-than-average volumes, which is likely to act as a strong support on any declines. Friday's breakout exhibits strength on the medium term charts as Rs 76 was acting as a stiff resistance from November 2010. Going forward, the implication of inverted head & shoulder pattern suggest that stock is likely to rally towards Rs 84, before finding next leg of resistances. Based on above mentioned technical evidences, we recommend traders to buy the stock between Rs 75.50-76 with stop loss of Rs 74 for target of Rs 81," says IIFL research report.
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