Moneycontrol
Last Updated : Nov 09, 2018 10:43 AM IST | Source: Moneycontrol.com

Buy MRPL with target Rs 94, says Shitij Gandhi

Traders can accumulate the stock in a range of Rs 82-83 for the upside target of Rs 94 with a stop loss below Rs 75.

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Shitij Gandhi

After a V-shaped recovery from lower levels, Mangalore Refinery and Petrochemicals (MRPL) surpassed its short-term moving averages and has been consolidating in the range of Rs 78-85 for last three weeks.

The consolidation in prices has formed a flag pattern on the daily charts. This week, we have observed positive divergence in the secondary indicators along with hefty volumes which suggest next up move in prices moving forward.

Traders can accumulate the stock in a range of Rs 82-83 for the upside target of Rs 94 with a stop loss below Rs 75.
First Published on Nov 9, 2018 10:40 am
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