Todays Pick

Mangalore Chemicals & Fertilizers (₹80.3)

Yoganand D BL Research Bureau | Updated on January 09, 2018 Published on November 30, 2017

Investors with a short-term perspective can buy the stock of Mangalore Chemicals & Fertilizers at current levels. On Thursday, the stock gained about 5.5 per cent with an above average volume breaching an immediate resistance at ₹77. The stock has been in a long-term uptrend since taking support at around ₹40 in November 2016. Following a corrective decline, the stock found support at ₹60 in August 2017. Since then, the stock has been in a medium-term uptrend.

The stock’s recent rally has breached a key resistance at ₹77 and has strengthened the uptrend. Both the daily and weekly relative strength indices feature in the bullish zone indicating bullish momentum. Likewise the daily and weekly price rate of change indicators hovers in the positive terrain, signifying buying interest. There has been an increase in daily volume over the past three trading sessions. The short-term outlook is bullish for Mangalore Chemicals & Fertilizers. The stock can trend upwards and hit the price target of ₹84 and ₹86 in the ensuing trading sessions. Buy the stock with a stop-loss at ₹78.5.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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