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.
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