Shabbir Kayyumi
MRF after giving a decent fall, seems to be trading above channel resistance line. Consistent formation of bull candle near its support line givies a hope to bulls for making long position in the scrip.
Currently, the stock is retesting its double bottom neckline which is giving opportunity to create long position in the scrip. Weekly chart is showing parity with its historical levels. Bullish crossover in MACD is also lending support its price action. One can go long around Rs 65,575 with the stop loss of Rs 64,444 for target of Rs 69,000.
The author is Head - Technical & Derivative Research at Narnolia Financial Advisors Ltd.
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