Mangalore Chemicals shares doubled investor wealth in six months; price targets, technicals and more

Shares of Mangalore Chemicals & Fertilizers have doubled investor wealth in six months. The fertiliser stock rose 108% during the period from Rs 153 on March 24 to Rs 320 in the current session. 

With today's high, the agri stock has risen 163% from its 52 week low of Rs 121.35 on BSE.

The fertiliser stock hit a high of Rs 320.55 in the curent session. Market cap of the firm rose to Rs 3,779.45 crore on BSE. 

Commenting on the outlook of the stock, Kunal Kamble, Sr. Technical Research Analyst at Bonanza said, "Mangalore Chemical has witnessed profit booking from higher levels, bringing the stock down to its support zone near Rs 301.45, where it is currently consolidating. For the uptrend to resume, the stock needs to decisively break above the Rs 325 mark, which could open the path for an upside move towards Rs 346, followed by Rs 370. However, a slip below the crucial support of Rs 301.45 may trigger selling pressure and drag the stock lower towards the Rs 264 level."

Jigar S Patel from Anand Rathi said, "Support will be Rs 300 and resistance at Rs 325. A decisive move above the Rs 325 level may trigger a further upside of Rs 350. The expected trading range will be between Rs 290 and Rs 350 for the short-term."

Om Mehra, Technical Research Analyst, SAMCO Securities said, "Mangalore Chemicals & Fertilizers Ltd. remains in strong bullish momentum and continues to maintain its broader uptrend across the daily, weekly, and monthly timeframes. However, the stock recently witnessed a pullback, which helped cool off momentum and establish a healthy base. This consolidation has been anchored around the Rs 295–300 zone, a level that previously acted as resistance and has now turned into a strong support. On the daily chart, the stock is comfortably positioned above its major moving averages, although it remains marginally below the 50-SMA, which is the immediate level to watch. The RSI has recovered to 53 after sliding toward oversold territory, highlighting the beginning of renewed momentum. At the same time, the MACD histogram is narrowing.

The recent bounce has been accompanied by decent volumes, highlighting the recovery attempt. A sustained close above the Rs 340 mark would further strengthen the trend and unlock potential for an advance toward the Rs 365–370 zone in the near term, while Rs 295 should be viewed as the critical support for the ongoing uptrend."

A R Ramachandran, SEBI registered Independent analyst says, "Mangalore Chemicals stock price is bullish on the Daily charts with strong support at Rs 304. A Daily close above resistance of Rs 322 could  lead to a target of Rs 363 in the near term."

 In terms of technicals, the relative strength index (RSI) of the stock stands at 43.2, signaling it's trading neither in the overbought and nor in the oversold zone. 

The shares are trading higher than the 5 day, 10 day, 100 day, 150 day, 200 day but lower than the 20 day, 30 day, 50 day moving averages. This indicates the trend is mixed for the stock.

Mangalore Chemicals & Fertilizers is primarily engaged in the manufacture, purchase and sale of fertilisers. The Company has manufacturing facility in India.