There were two ocassions when the trendline was crossed over, once on the upside and once on the down side. On both occasions the moves were pretty decisive.
Now, MGL is back at that trend-line and this time from the down side which means it's a possible resistance.
@shraghu2010, Yes I see weakness in the stock. Make sure you have a SL in place if you hold positions.
shraghu2010
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@sankatradesindia, Yes, I am long @1121.00...it fell to 1095.00 and crossed 1110.00 resistance but failed to break 1118.00.....hoping and keeping fingers crossed for tomorrow... Expecting a gap up as nifty may open gap up tomorrow morning because of IT sector's results.
sankatradesindia
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@shraghu2010, I see that the US markets are pretty flat. Nifty might not have a huge gap up opening. IT stocks will open higher but you might continue to see weakness in the other heavy weights like Reliance and HDFC. Again, make sure to have a stop loss in place.
sankatradesindia
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@shraghu2010, Again mentioning it - please keep stop loss. The stock loos weak.
shraghu2010
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@sankatradesindia, Thanks for your concern......I exited in the early morning trade @1128.00 with small profit and then took another long and scraped through with small profit.....As you said the stock looks very weak and when the markets is bullish we can't short and we are seeing all the shorts and longs are being trapped ......But I feel since the PE ratio is low compared to IGL....I feel MGL rally if it crosses 1150.00 level.
Here's my two cents - I think if you are looking from the eyes of an investor, then don't bother about the levels. I thought you were a day trader.
Okay fundamentally, MGL is fantastically placed. You are right, PE is lower than that of IGL and the dividend yield is higher too. Not only that, it's got a great Price to Book value, far superior of IGL. On the business front, it is fast expanding in both CNG and Domestic pipeline services too. It's a great stock if you want to hold for long term.
It is a part of my portfolio too. And I am planning to accumulate more if it goes below 1070.
shraghu2010
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@sankatradesindia, As I mentioned I exited in the morning with small profits, so I am a day trader trading in futures and exit from the trade in intraday but hold the position if it does not reach my target. Thanks again for your feedback.... I am seeing lots of analysis on MGL for long.
PrashantSKubade001
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@sankatradesindia, I agree with you. Have taken position for medium term today at 1090 for target of 1300 +