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The stock of Mangalore Refinery and Petrochemicals (MRPL), advanced 3.7 per cent accompanied with extraordinary volume breaking a key resistance at ₹124 on Wednesday. This rally gives traders with a short-term perspective an opportunity to buy the stock at current levels. Both the long as well as medium-term trends are up for the stock. It trades well above its 200-day moving average. The daily and weekly price rate of change indicators are hovering in the positive territory implying buying interest.
There has been an increase in trading volume over the past five trading sessions. The daily relative strength index is trending higher in the neutral region and is likely to enter the bullish zone from the neutral region. The weekly RSI has re-entered this bullish zone from the neutral region. The short-term outlook is bullish for the stock. It can continue its up move and trend up to reach the price targets of ₹132.5 and ₹135 in the short term. Buy the stock with a stop-loss at ₹124.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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