Mangalore Refinery & Petrochemicals Ltd (MRPL) and Chennai Petroleum Corporation Ltd (CPCL) witnessed sharp gains in today’s session, driven by a rally in global crude oil prices. The rise follows escalating geopolitical tensions between the US, Iran, and Israel, stoking supply concerns and boosting expectations around refining margins.

Beyond macroeconomic tailwinds, both stocks also benefited from strong technical buying interest and robust trading volumes.

Chennai Petroleum Corporation Ltd.(CMP – ₹694, Stop Loss – ₹635)  saw a 10% rise today, accompanied by an increase in trading volume. Technical indicators like MACD and RSI are showing signs of strength in the current trend. A golden crossover between the 10-day and 21-day moving averages is yet to occur, which, if confirmed, could further strengthen the bullish momentum.

Source: NSE

Chennai Petroleum Corporation Limited is in the business of refining crude oil to produce and supply various petroleum products, as well as the manufacture and sale of lubricating oil additives.

Mangalore Refinery And Petrochemicals Ltd. (CMP – ₹145, Stop Loss – ₹130) saw a 7% rise today as it bounced from its support at ₹133 and is currently testing resistance at ₹145. Technical indicators are turning bullish, so the coming trading sessions will be interesting to watch.

Source: NSE

Mangalore Refinery & Petrochemicals Limited (MRPL) was originally set up as a joint venture between the AV Birla Group and Hindustan Petroleum Corporation Limited (HPCL). It is now a subsidiary of Oil & Natural Gas Corporation (ONGC). The company is engaged in the business of crude oil refining, petrochemicals, aviation fuel trading, and petroleum product distribution through retail outlets and transport terminals.

Note: Charts and prices are as of 1 PM.

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