The stock of MOIL zoomed more than 11 per cent breaking through a significant long-term resistance zone between ₹280 and ₹290 on Monday. This rally has elevated the stock into the next level. Investors with a short-term perspective can buy the stock at current levels. Since bottoming out at its all-time low of ₹182 marked in August 2013, the stock has been on an intermediate-term uptrend. MOIL is trading well above its 21- and 50-day moving averages. With the recent upmove, the indicators on the daily chart have re-entered the bullish zone from the neutral region. Further, those on the weekly chart are comfortably hovering in the bullish zone. The medium-term uptrend line is intact.
Our short-term outlook on MOIL is bullish. It can continue its rally and reach the price target of ₹310 and then ₹316 in the coming trading sessions. Buy the stock with a stop-loss at ₹291 levels.*To get the password for buy calls, please subscribe to this blog. You will receive the password in next email to you*