Shares of Mangalore Refinery and Petrochemicals Ltd rose sharply in Thursday's trade. The stock soared 20 per cent to hit a one-year high (upper price band) of Rs 160.95. The multibagger scrip has gained 173.26 per cent in a year. On BSE, around 26.56 lakh shares were seen changing hands today. The figure was way more than the two-week average volume of 1.92 lakh shares. Turnover on the counter came at Rs 41.14 crore, commanding a market capitalisation of Rs 28,208.08 crore.
On technical setup, support could be seen around Rs 145-140 levels. An analyst suggested that traders can wait for some cool-off to add fresh longs.
"The counter is in a stellar bull run, forming a cycle of higher highs – higher lows. One may wait for some cool-off to add fresh longs. However, the undertone seems bullish and dips towards Rs 145-142 should be utilized to add longs from short- to medium-term perspective," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
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"Support will be at Rs 140 and resistance at Rs 170. A decisive close above Rs 170 level may trigger a further upside till Rs 188. Expected trading range will be between Rs 135 and Rs 190 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
"The stock has indicated a big bullish candle pattern on daily charts along with huge volume participation witnessed and has further scope till Rs 164-167 levels in the coming days. The RSI (relative strength index) has shot up to the overbought zone and some cooling off cannot be ruled out with Rs 148 seen as the near-term support zone. The overall bias has been maintained strong and one can expect further rise once Rs 167 level is decisively surpassed," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
"Mangalore Refinery is bullish but also very overbought on daily charts with next resistance at Rs 170. Investors should book profits at current levels as a daily close below support of Rs 144 could lead to target of Rs 129 in the near term," said AR Ramachandran from Tips2trades.
"The stock may see Rs 165 level in the near term. Keep stop loss placed at Rs 144," said DRS Finvest founder Ravi Singh.
(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
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