Buy Mahanagar Gas, target Rs 1,160: Aditya Agarwala
Buy Mahanagar Gas at a price target of Rs 1,160 and a stop loss at Rs 965.
By ETMarkets.com |
ThinkStock Photos
Aditya Agarwala of Yes Securities has a buy call on Mahanagar Gas with a target price of Rs 1,160.
The current market price of Mahanagar Gas is Rs 1,023.55.
Time period given by the analyst is two weeks when Mahanagar Gas price can reach the defined target.
Aditya Agarwala recommended keeping a stop loss at Rs 965.
"On the weekly chart, Mahanagar Gas has turned upwards after breaking out of a bullish flag pattern. A sustained trade above Rs 1,030 will take the stock higher to levels of Rs 1,120-1,160. Moreover, in the recent correction stock took support at the 38.2 per cent Fibonacci retracement level and turned higher on volumes affirming the bullishness. Moreover, RSI has turned upwards after forming a positive divergence affirming bullishness. The stock can be bought in the range of Rs 1,020-1,025 for targets of Rs 1,120-1,160, keeping a stop loss below Rs 965," said Agarwala.
The current market price of Mahanagar Gas is Rs 1,023.55.
Time period given by the analyst is two weeks when Mahanagar Gas price can reach the defined target.
Aditya Agarwala recommended keeping a stop loss at Rs 965.
"On the weekly chart, Mahanagar Gas has turned upwards after breaking out of a bullish flag pattern. A sustained trade above Rs 1,030 will take the stock higher to levels of Rs 1,120-1,160. Moreover, in the recent correction stock took support at the 38.2 per cent Fibonacci retracement level and turned higher on volumes affirming the bullishness. Moreover, RSI has turned upwards after forming a positive divergence affirming bullishness. The stock can be bought in the range of Rs 1,020-1,025 for targets of Rs 1,120-1,160, keeping a stop loss below Rs 965," said Agarwala.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
