Prefer Bongaigaon Refineries to MRPL: E Mathew

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Prefer Bongaigaon Refineries to MRPL: E Mathew

Technical Analyst, E Mathew is of the view that one can prefer Bongaigaon Refineries and Petrochemicals to MRPL. The targer for Bongaigaon is Rs 88-90, he added.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » RELATED NEWS Accumulate Bongaigaon Refineries & Petrochemicals: Anagram ALSO READ See previous views by E Mathew See what other Experts & Brokerages are saying about Bongaigaon Ref See messages about Bongaigaon Ref Bongaigaon Ref BSE | NSE 01/01/70 Are Mutual Funds betting on Bongaigaon Ref? Other Stocks in this news Mangalore Refinery and Petrochemicals |

Technical Analyst, E Mathew is of the view that one can prefer Bongaigaon Refineries and Petrochemicals to MRPL .

Mathew told CNBC-TV18, "MRPL, Bongaigaon all of them are looking very strong. Chartically, I would prefer to go long in Bongaigaon's chart. I think the stock has got excellent support now at around about Rs 54-55 zone. In other words, if you are initiating a long trade, you have a decent Rs 4-5 stoploss. The upside looks far more than an MRPL."

He further added, "I wouldn't be surprised, if one takes a medium-term view, one could look at a target of about Rs 88-90 in Bongaigaon."

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