Technical Analysis – MTNL
MTNL: The stock has been hovering around Rs 65 in the last couple of months. It now finds an immediate support at Rs 61 and resistance at Rs 68. However, as long as it stays above Rs 54, the medium-term outlook would remains positive for the stock. A close above Rs 68 has the potential to lift the stock to Rs 78.
F&O pointers: Derivative trading presents a positive outlook for MTNL (market lot: 4,000). The stock has so far witnessed a decent rollover of 28 per cent to October series, most of which is on the long side.
Strategy: Traders can consider going long on MTNL October futures with a stop loss at Rs 60.4 for an initial target of Rs 68 and then Rs 72. Shift the stop loss to Rs 64.3 (closing day basis) if it opens on a positive note.
*To get the password for buy calls, please subscribe to this blog. You will receive the password in next email to you*If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment