Goal: 1,505
Cease Loss: Rs 1,398
Mahanagar Gasoline (MGL) closed at Rs 1,433.50, gaining 3.15% with a robust gap-up opening and a breakout from a rising channel on the each day chart, supported by above-average volumes. The RSI is above 60, indicating bullish momentum, whereas the 20/50/100 EMAs are tightly consolidated, suggesting a possible trending transfer forward. The worth motion confirms energy with follow-through shopping for, marking a doable development reversal. Given the technical setup, a purchase is advisable at present ranges with a cease lack of Rs 1398 and a goal of Rs 1505. Sustaining above breakout ranges might be key for continued momentum.
(Drumil Vithlani, Technical Analysis Analyst at Bonanza)
(Disclaimer: Suggestions, options, views and opinions given by the specialists are their very own. These don’t signify the views of Financial Instances)
