July 12, 2017
MGL (NSE Cash)
BUY
` 968
` 1000 - 1009
` 1075
14 -21 sessions
Daily Chart
Source: Falcon (Time: 09:45 IST)
Justification:
After witnessing resistance around 1000 levels for 3 times in last two months, stock prices are breaking the resistance with above
average volume confirming a bullish breakout. The said breakout is supported with momentum oscillator RSI giving a buy signal
with its smoothened moving average. In addition, we are witnessing a bullish crossover between 20SMA and 50SMA on the daily
chart. Looking at all the above scenario a strong upside from the current levels cannot be ruled out. Hence, traders are advised
to buy this stock at current levels and on declines at `997 for a target of `1075 over the next 14 - 21 sessions. The stop loss
should be fixed at `968.
Rajesh Bhosale
022-3935 7600 Extn: 6844
1
July 12, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
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