|Buy Range||874 – 885|
|Target||920 – 945|
|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#
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.
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.