OUR RECOMMENDATION
| CMP# | 877.6 |
| Idea | BUY |
| Buy Range | 874 – 885 |
| Target | 920 – 945 |
| StopLoss* | 845 |
| Duration | 20 – 25 Trading Sessions |
| Potential Return^ | 5 – 8% |
| CMP# | Idea | Buy Range | Target | StopLoss* | Duration | Potential Return^ |
| 877.6 | BUY | 874 – 885 | 920 – 945 | 845 | 20 – 25 Trading Sessions | 5 – 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#
COMPANY OVERVIEW
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 | |
| NSE Code | MGL |
| Sector | Refineries |
| 52W High | 427.55 |
| 52W Low | 256.6 |
| Face Value | 10 |
TECHNICAL OBSERVATIONS (WEEKLY)
- 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.
TECHNICAL OBSERVATIONS (DAILY)
- 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.
