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MTF Stock Pick Buy Mangalore Refinery and Petrochemicals Limited For Target Rs. 48 - HDFC Securities 

TECHNICAL OBSERVATIONS

The sharp trended decline of the last couple of months seems to have completed as of now, as this refinery stock (MRPL) has started to show sustainable upside bounce from the lows.

We observe a formation of bullish hammer type candle pattern in the last week (as per weekly chart) and upmove so far this week from the lows. This pattern indicate a formation crucial bottom reversal at the lows of Rs 39.75 and this needs to be confirmed.

The stock price has bounced up from near the initial support of up sloping trend line at Rs 42 levels.

Weekly 14 period RSI and weekly DMI/ADX patterns signal more upside for the stock price ahead.

The overall chart pattern of MRPL indicate long trading opportunity. One may look to create positional long as per the levels mentioned above.

Buy Mangalore Refinery & Petrochemicals Ltd Up to 3 Months @ Add on dips 40.50 CMP 43.05 TGT  48 SL 39.60

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