Buy MRF for target of Rs 8200: Ventura
Bharat Gala, senior technical analyst, Ventura Securities has advised traders to buy MRF for target of Rs 8200.
By ET Bureau |
MUMBAI: Bharat Gala, senior technical analyst, Ventura Securities has advised traders to buy MRF for target of Rs 8200.
“Since 2010, MRF has been trading in a band of Rs 6700-7200. It looks like the accumulation is nearing break-out at a closing above Rs 7200.
Momentum will increase once the stock starts trading above Rs 7375.
Buy the stock above Rs 7200 (closing basis) with stoploss of Rs 6950-6750 for price target of Rs 8200. If the stock gives monthly close above Rs 7200 then it can hit target of Rs 9000.
It’s a good risk reward momentum play. The indicator is showing build-up of firm uptrend in the stock,” he said.
“Since 2010, MRF has been trading in a band of Rs 6700-7200. It looks like the accumulation is nearing break-out at a closing above Rs 7200.
Momentum will increase once the stock starts trading above Rs 7375.
Buy the stock above Rs 7200 (closing basis) with stoploss of Rs 6950-6750 for price target of Rs 8200. If the stock gives monthly close above Rs 7200 then it can hit target of Rs 9000.
It’s a good risk reward momentum play. The indicator is showing build-up of firm uptrend in the stock,” he said.
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