Buy MRPL, target Rs 85: Nooresh Merani

Nooresh Merani of Analyse India told CNBC-TV18, "Mangalore Refinery and Petrochemicals Limited (MRPL) has been a laggard for last many years but in the last 6-12 months it has made a huge cup and handle formation which has a breakout around closer to Rs 78-80 levels which it has tested in the last two weeks almost three to four times. So, we expect breakout out from this cup and handle pattern and we could target up to Rs 100 in the medium-term. In the near-term from the zones of Rs 73-74 it becomes a risk reward buy for a target price of Rs 85."

At 14:24 hrs Mangalore Refinery and Petrochemicals was quoting at Rs 73.80, up Rs 0.70, or 0.96 percent. It has touched an intraday high of Rs 75.65 and an intraday low of Rs 73.25.