Target: 1,505
Stop Loss: Rs 1,398
Mahanagar Gas (MGL) closed at Rs 1,433.50, gaining 3.15% with a strong gap-up opening and a breakout from a rising channel on the daily chart, supported by above-average volumes. The RSI is above 60, indicating bullish momentum, while the 20/50/100 EMAs are tightly consolidated, suggesting a potential trending move ahead. The price action confirms strength with follow-through buying, marking a possible trend reversal. Given the technical setup, a buy is recommended at current levels with a stop loss of Rs 1398 and a target of Rs 1505. Sustaining above breakout levels will be key for continued momentum.
(Drumil Vithlani, Technical Research Analyst at Bonanza)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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