Mangalore Refinery and Petrochemicals Ltd (MRPL) has demonstrated strong recovery momentum, gaining 4.93% on Monday, June 15, 2026, rising from ₹161.01 to ₹168.95. The stock's recent performance shows 14.88% gains over the past 2 weeks, with the price fluctuating 4.35% during the last trading day between a day low of ₹164.11 and a day high of ₹171.25. This surge follows the company's earlier technical recovery signals, including a double bottom formation on daily charts in June and reclamation of its 200-day moving average.
The stock has shown multiple positive technical indicators supporting its recovery. MRPL holds buy signals from both short and long-term Moving Averages, with the short-term average above the long-term average creating a positive forecast. A buy signal was issued from a pivot bottom point on Friday, May 29, 2026, and has since risen 16.55%. Additionally, there is a buy signal from the 3-month Moving Average Convergence Divergence (MACD). The stock has average movements during the day with good trading volume, with 7 million more shares traded than the previous day, totaling 14 million shares for approximately ₹2.44 billion.
Despite the recent recovery attempts, MRPL remains down 25% from its high of ₹214 reached on March 9, 2026, as reported by The Economic Times. However, the stock's recent performance shows significant improvement, with price rising in 6 of the last 10 days and the current 14.88% gains over the past 2 weeks. The stock's ability to maintain higher levels and increased trading volume suggests strengthening investor confidence in the technical recovery signals.
Short-term traders with high-risk profiles are being suggested to buy the stock for a possible target towards ₹180 in the next few weeks, according to expert analysis reported by The Economic Times. The recommendation is based on the double bottom formation and the stock's reclamation of its 200-day moving average, which together suggest potential bullish momentum in the coming weeks. Current analysis from technical experts has upgraded the stock from a Hold to a Buy candidate, with a current score of 2.441 indicating strong buy signals.
As a part of the refinery industry, MRPL's technical recovery comes at a time when the sector is showing mixed signals in the broader market context. The stock's strong recovery momentum, supported by positive technical indicators and increased trading volume, suggests institutional and retail investors are viewing current price levels as attractive entry points. Mostly positive signals in the chart today with support levels at ₹159.44 and ₹158.27, while a breakdown below these levels would issue sell signals. The stock's medium risk profile with good trading volume and average daily volatility of 5.41% positions it well for continued short-term gains toward the ₹180 target.
