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Mrpl_analysis

MRPL (NSE: MRPL) given a strong breakout above the falling wedgeMRPL (NSE: MRPL) has given a strong breakout above the falling channel , signaling a trend reversal from a prolonged downtrend to a fresh uptrend. The stock had been consolidating inside a downward sloping channel for nearly 10 months and has now closed above the upper resistance line of the channel with a solid 15% gain on high volume — a textbook breakout confirmation. All important levels have been marked on the chart. Looking at the price structure and momentum, there's a high probability that MRPL can head towards ₹168 , and if momentum sustains, eventually towards ₹243 and ₹285 . Support Levels: 🔹 ₹135 – Recent breakout zone 🔹 ₹118 – Previous resistance turned support 🔹 ₹100 – Strong demand zone (marked in green as “Strong Support Zone” on chart) Resistance Levels: 🔹 ₹140 – Minor hurdle 🔹 ₹150 – Psychological round level 🔹 ₹168 – Target 1 (short-term) 🔹 ₹243 – Target 2 (medium-term) 🔹 ₹285 – Target 3 (long-term) Reasons: ✅ Breakout from 10-month falling channel ✅ RSI above 60, showing strength ✅ Volume spike confirms institutional participation ✅ Clean higher-low structure forming ✅ Price is above 50 EMA and heading towards 200 EMA Verdict: Bullish Plan of Action: Enter on retest of ₹135–₹140 zone or on sustained strength above ₹140. BUY: ₹140 Stoploss: ₹118 Target 1: ₹168 Target 2: ₹243 Target 3: ₹285 Trailing SL: ₹10–₹15
NSE:MRPL
by finnova_