Target: Rs 31.30
Stop Loss: Rs 35.20
MTNL seems to be in the topping phase as per the short-term charts. The stock is likely to face considerable resistance around Rs 34-35.
Ideal strategy should be to sell on rise, closer to Rs 34-odd levels, with a stop at Rs 35.20.
On the downside, the stock can correct to Rs 31.30-30.30 odd levels.
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