GMR Airports, MGL, BoM among 5 stocks with trend line breakout; check TP

Breakout stocks: GMR Airports, Mahanagar Gas, Redington, JSW Infrastructure and Bank of Maharashtra can rally up to 28%, suggest technical charts.

GMR Airports, Mahanagar Gas (MGL), JSW Infrastructure, Redington and Bank of Maharashtra are the 5 stocks that have given a breakout on the super trend line parameter in recent trading sessions.  Technically, stocks trading above the super trend line indicator on the daily chart are said to be in a short-term uptrend, where in dips can be used to buy the stock, with a stop at the trend line. 

5 stocks trading above super trend line

  Technical charts suggest that these breakout stocks - GMR Airports, JSW Infrastructure, Redington, Bank of Maharashtra and Mahanagar Gas can potentially rally up to 28 per cent from here.  Here's a detailed technical analysis on each of these 5 stocks, with key support and resistance levels to watch out for.

  GMR Airports

Current Price: ₹92.06  Likely Target: ₹104  Upside Potential: 13%  Support: ₹90; ₹88; ₹86.65  Resistance: ₹93.50; ₹95.20; ₹99  GMR Airports is seen trading above its super trend line hurdle for the second straight trading day. The short-term trend is likely to remain up as long as the stock holds above ₹86.65 levels, shows the daily chart. 

 

 

  On the upside, the stock can potentially rally towards its life-time high around ₹104 levels, with interim resistance visible around ₹93.50, ₹95.20 and ₹99 levels. In case of a dip, the stock may seek support around ₹90 and ₹88 levels, wherein stand the 100-Day Moving Average (100-DMA) and the 20-DMA, respectively. 

Mahanagar Gas (MGL)

Current Price: ₹1,352  Likely Target: ₹1,500  Upside Potential: 11%  Support: ₹1,324; ₹1,300; ₹1,277  Resistance: ₹1,375; ₹1,450  MGL stock is likely to trade with a favourable bias as long as the stock quotes above ₹1,277, with interim support likely around ₹1,324 and ₹1,300 levels. On the upside the stock can attempt a retest of ₹1,500 levels, with intermediate resistance likely around ₹1,375 and ₹1,450 levels. 

 

 

JSW Infrastructure

Current Price: ₹329  Likely Target: ₹420  Upside Potential: 27.8%  Support: ₹326; ₹315; ₹308  Resistance: ₹357; ₹381; ₹401  Apart from the trend line breakout, JSW Infra stock is also seen trading above the higher-end of the Bollinger Bands; thus implying an upbeat bias as long as the stock quotes above ₹326 levels. Below which, support for the stock can be anticipated around ₹315 and ₹308 levels. 

 

  On the upside, the stock can potentially surge to ₹420 levels. Intermediate resistance for the stock can be anticipated around ₹357, ₹381 and ₹401 levels, suggests the yearly Fibonacci chart. 

Redington

Current Price: ₹280  Likely Target: ₹330  Upside Potential: 17.9%  Support: ₹276; ₹272; ₹257  Resistance: ₹302  Redington stock too is seen trading above the higher-end of the Bollinger Bands and the super trend line on the daily chart. The near-term bias at the counter is likely to remain positive as long as the stock trades above ₹257, and with near support visible around ₹276 and ₹272 levels. 

 

  On the upside, the stock is seen testing resistance the weekly trend line, which stands at ₹302. Break and sustained trade above the same can lead the stock back to its recent highs around ₹330 levels. 

Bank of Maharashtra

Current Price: ₹57  Likely Target: ₹69  Upside Potential: 21%  Support: ₹55.10; ₹53.70; ₹52.50  Resistance: ₹58.65; ₹61.55; ₹65.50  Bank of Maharashtra stock is within striking range of its weekly hurdle which stands at ₹58.65. Break and sustained trade above the same can open the doors for a likely rally towards ₹69 levels, with intermediate resistance likely around ₹61.55 and ₹65.50 levels. 

 

  The near-term trend is likely to remain favourable as long as the stock quotes above ₹52.50 levels, with interim support visible around ₹55.10 and ₹53.80 levels.