Mahanagar Gas Technical Analysis #11: Buy | Target Rs 920 | Arijit Banerjee


Buy Range874 – 885
Target920 – 945
Duration20 – 25 Trading Sessions
Potential Return^5 – 8%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
877.6BUY874 – 885920 – 94584520 – 25 Trading Sessions5 – 8%

# CMP on Dec 24, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 899.
^ The returns are calculated based on CMP#


Incorporated in 1995, Mahanagar Gas is a Downstream Gas company having strong distribution network across Mumbai & it’s suburbs. The growing demand for cleaner fuel like CNG, PNG has seen aggressive demand for this stock in the Institutional Investor’s portfolio. The consolidated revenue rose 29% to Rs 824 crore on a yearly basis.

Stock Data
52W High427.55
52W Low256.6
Face Value10
Relative Performance_Mahanagar Gas vs Nifty


  • Technically the stock had been moving in the higher top and higher bottom formation indicating positive bias.
  • The stock extended its northward journey after taking support to intermediate lows which were tested during October 2018.
  • The price closed above 5 weeks and 10 weeks Moving average crossover which considered bullish and helps to propel further upside movement.
Mahanagar Gas Weekly Chart
Mahanagar Gas Weekly Chart


  • Daily price is just above the rising support line which was tested previously. Entering a new fresh position will be a good idea from here.
  • An indicator like MACD has turned bullish on daily charts.
Mahanagar Gas Daily Chart
Mahanagar Gas Daily Chart


1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.


The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).


The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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