MCX (₹8,148.75)
Likely to retest prior high
The stock of MCX (Multi Commodity Exchange of India) appreciated 5.6 per cent last week. It bounced off a support at ₹7,700 where a trendline coincides. Last week’s rally hints that the stock has resumed the rally after witnessing a corrective decline. While there may not be a rally which can take the stock to fresh highs, the upswing is likely to retest the barrier at ₹9,100.
Traders can go long on MCX now at ₹8,148 and accumulate at ₹7,900. Place stop-loss at ₹7,500. When the stock rallies to ₹8,800, alter the stop-loss to ₹8,500. On a rally to ₹8,950, revise the stop-loss to ₹8,800. Exit at ₹9,100.
MGL (₹1,315.60)
Further fall likely
The stock of MGL (Mahanagar Gas Ltd) has been on a decline for over three weeks now. Two weeks back, it breached a support at ₹1,360 and slipped to mark a four-month low of ₹1,278 on August 7 before recovering to the current level. However, the recent upswing is likely to be only a corrective rally.
Going ahead, we expect the stock to depreciate towards ₹1,210. So, one can short MGL at ₹1,320 and place a stop-loss at ₹1,370. When the stock slips to ₹1,270, revise the stop-loss to ₹1,350. Trail the stop-loss to ₹1,280 when the price drops to ₹1,240. Exit the trade at ₹1,210.
Union Bank of India (₹134.65)
Faces a barrier
The stock of Union Bank of India, which lost 14.7 per cent in July, rebounded from the support at ₹128 in early August. However, it is now facing a resistance at ₹137. The price action shows that the broader trend remains bearish and that the stock might soon witness another leg of downtrend.
In the near term, we expect the stock to decline and retest the support at ₹128. Note that the price band of ₹126-128 is a good base. Hence, traders can go short on the stock at ₹135 and place a stop-loss at ₹138. When the price drops to ₹130, tighten the stop-loss to ₹134. Book profits at ₹128.
Published on August 16, 2025
