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Published on 1/06/2020 12:03:47 PM | Source: ICICI Direct

Buy Mahanagar Gas Ltd For Target Rs. 1060 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Mahanagar Gas Ltd #Oil and Gas Sector #Trading Report #ICICI Direct

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Technical Observations

* The stock during previous week has generated a breakout from the falling trendline joining the highs of Feb’20 (Rs.1234) and Apr’20 (Rs. 990) and in the process has also closed above the 200 days EMA placed at Rs. 956 levels signalling resumption of up move and offers fresh entry opportunity

* It has already taken 21 sessions to retrace just 61.8% of the previous 17 sessions up move Rs. 778-990. A slower retracement signals a higher base formation for the stock and overall positive bias

* The stock has immediate support at | 910 being the 61.8% retracement of the current up move (Rs. 873-980) placed at | 910 level

* Among oscillators, the daily MACD remain in up trend and has recently generated a buy signal thus supports the positive bias in the stock

* We expect the stock to maintain positive bias and head towards Rs. 1060 levels being the 161.8% external retracement of the last decline (Rs. 990-856) placed around Rs. 1060 levels

Buy Mahanagar Gas Ltd @ 950.00-966.00 Target 1060.00  SL 905.00

 

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