Trending stock under Rs 50: Mangalore Refinery and Petrochemicals Limited
Last Updated: 8th December 2022 - 11:13 pm
The stock of MRPL has soared over 3% in Monday’s trading session despite bad sentiment in the market.
Mangalore Refinery and Petrochemicals Limited (MRPL) is a midcap company, engaged in the business of refinery and manufacturing of refined petroleum products. With a market capitalization of about Rs 7,400 crore, it is one of the promising companies in the refineries sector.
The stock of MRPL has soared over 3% in Monday’s trading session despite bad sentiment in the market. It has formed a strong bullish body with a long shadow at the lower end, indicating strong buying interest at lower levels. In fact, the stock has gained about 16% in just six trading sessions and currently trades above 20-DMA. Moreover, the stock has crossed above its prior swing high of Rs 42.40. This strong price action is accompanied by above-average volumes recorded today, which is greater than 10-day and 30-day average volume. This demonstrates larger trading activity in the stock.
The technical parameters are also in favour of the stock’s strong display of bullishness. The 14-period daily RSI has improved lately and trades above its prior swing high. The MACD on the daily chart has given a bullish crossover, while there is an improvement in stock’s strength as per the volumes, as indicated by rising On Balance Volume (OBV). Moreover, the stock has found strong support at its 20-month EMA. Overall, the stock is bullish and has attracted traders lately.
The stock has performed better than the broader market as well as most of its peers since the beginning of this year. It has the capability to test the levels of Rs 44.75, which happens to be its prior swing high, followed by Rs 46, which is a crucial resistance level. With such strong technicals and price action, it can see a tremendous upside once the market stabilizes. Short term traders / Positional traders can include this stock in their watchlist to track further development in this stock.
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