MRPL Technical Outlook: Bullish Setup with Upside Potential Toward ₹167
The short-term technical structure of Mangalore Refinery and Petrochemicals Ltd (MRPL) has turned firmly bullish. After consolidating in a tight range, the stock is now exhibiting strong accumulation patterns above key moving averages, signaling renewed buying interest. With support emerging near ₹140–₹138 and price action respecting the 21-day moving average, the stage appears set for a fresh upward move in the coming sessions.
Current Market Position and Key Levels
| Parameter | Level / Comment |
|---|---|
| Current Market Price | ₹152.90 |
| Support Zone | ₹140–₹138 |
| 21-Day Moving Average | ₹143 (Strong Support) |
| Target Levels | ₹157 / ₹164 / ₹167 |
| Stop-Loss | ₹141 (Initial) → ₹155 (Trailing) |
Technical Rationale Behind the Bullish View
The 21-day moving average (DMA) has acted as a reliable dynamic support for MRPL since September, consistently cushioning price corrections. Recent crossovers on the daily chart indicate that the short-term momentum is gaining traction. The stock’s relative strength index (RSI) is also showing a positive divergence, confirming accumulation at lower levels.
As long as MRPL sustains above ₹143, the trend bias remains upward. The stock’s ability to hold above this level suggests that traders are using dips to build long positions. Moreover, the price volume pattern over the last few sessions highlights steady institutional participation.
Trade Setup and Price Strategy
- Buy MRPL near ₹153; accumulate on dips around ₹146.
- Maintain an initial stop-loss at ₹141 to protect downside risk.
- Trail the stop-loss to ₹155 once the price crosses ₹158.
- Further raise stop-loss to ₹157 and ₹161 when prices move past ₹160 and ₹164 respectively.
- Book profits around ₹167, where the next resistance zone is likely to emerge.
The above framework combines short-term momentum signals with disciplined stop management to ensure risk-adjusted returns for positional traders.
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Outlook and Momentum View
The short-term price structure for MRPL shows a series of higher lows, a classic sign of accumulation ahead of a breakout. The scrip has been forming a bullish base pattern between ₹138 and ₹153, with the current move indicating the start of an uptrend continuation phase.
If MRPL sustains above ₹155, it could attract fresh buying and potentially challenge its previous swing high near ₹167. The stock’s uptrend is further reinforced by a recovery in refining margins globally and improved sector sentiment for downstream oil and gas companies.
SWOT Analysis — MRPL Technical Position
| Strengths | Weaknesses |
|---|---|
| Strong support near 21-DMA, bullish crossover, improving sentiment in refinery space. | Resistance around ₹167 could cap short-term upside. |
| Opportunities | Threats |
| Technical breakout above ₹160 may open room for further 8–10% upside. | Volatility in crude prices or global refining margins could affect momentum. |
Investor Takeaway
Indian-Share-Tips.com Nifty Expert Gulshan Khera, CFP®, who is also a SEBI Regd Investment Adviser, notes that MRPL’s near-term chart structure supports a sustained up-move as long as prices hold above ₹143. Traders may continue to accumulate the stock on dips toward the ₹146–₹140 zone while trailing stop-losses diligently. Discover more refined trading setups and technical insights at Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.
Related Queries
- What is the short-term target for MRPL stock?
- How to apply trailing stop-loss strategy in swing trades?
- Is MRPL suitable for positional traders in the oil & gas sector?
SEBI Disclaimer: The information provided in this post is for informational purposes only and should not be construed as investment advice. Readers must perform their own due diligence and consult a registered investment advisor before making any investment decisions. The views expressed are general in nature and may not suit individual investment objectives or financial situations.
