Mercator Lines has potential to touch Rs 180: Ventura
Bharat Gala, President, Ventura Securities is of the view that if the stock absorbs selling pressure at Rs 135-140 levels, it has the potential to touch target of Rs 180.
By ET Bureau |
MUMBAI: Bharat Gala, President, Ventura Securities is of the view that if the stock absorbs selling pressure at Rs 135-140 levels, it has the potential to touch target of Rs 180.
“For the past one year Mercator Lines has been trading in a price band of Rs 55-75. A one year consolidation break-out will have its own strength. The stock has given a full weekly bar move above longest trend line.
At Rs 130-145 the stock will face the highest selling. Once the stock absorbs the selling here and moves forward, it will open for Rs 180.
Supports are at Rs (62-54)-47- (37-33). A strong move will not allow the stock to breach Rs 54 levels. Two consecutive closes below Rs 43 negates the above view.
The trend indicator suggests presence of firm up-trend in the stock,” the report said.
“For the past one year Mercator Lines has been trading in a price band of Rs 55-75. A one year consolidation break-out will have its own strength. The stock has given a full weekly bar move above longest trend line.
At Rs 130-145 the stock will face the highest selling. Once the stock absorbs the selling here and moves forward, it will open for Rs 180.
Supports are at Rs (62-54)-47- (37-33). A strong move will not allow the stock to breach Rs 54 levels. Two consecutive closes below Rs 43 negates the above view.
The trend indicator suggests presence of firm up-trend in the stock,” the report said.
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