MRPL (NSE: MRPL) given a strong breakout above the falling wedge

MRPL (NSE: MRPL) has given a strong breakout above the falling channel, signaling a trend reversal from a prolonged downtrend to a fresh uptrend.

The stock had been consolidating inside a downward sloping channel for nearly 10 months and has now closed above the upper resistance line of the channel with a solid 15% gain on high volume — a textbook breakout confirmation.

All important levels have been marked on the chart.

Looking at the price structure and momentum, there's a high probability that MRPL can head towards ₹168, and if momentum sustains, eventually towards ₹243 and ₹285.

Support Levels:
🔹 ₹135 – Recent breakout zone
🔹 ₹118 – Previous resistance turned support
🔹 ₹100 – Strong demand zone (marked in green as “Strong Support Zone” on chart)

Resistance Levels:
🔹 ₹140 – Minor hurdle
🔹 ₹150 – Psychological round level
🔹 ₹168 – Target 1 (short-term)
🔹 ₹243 – Target 2 (medium-term)
🔹 ₹285 – Target 3 (long-term)

Reasons:
✅ Breakout from 10-month falling channel
✅ RSI above 60, showing strength
✅ Volume spike confirms institutional participation
✅ Clean higher-low structure forming
✅ Price is above 50 EMA and heading towards 200 EMA

Verdict:
Bullish

Plan of Action:
Enter on retest of ₹135–₹140 zone or on sustained strength above ₹140.

BUY: ₹140
Stoploss: ₹118
Target 1: ₹168
Target 2: ₹243
Target 3: ₹285
Trailing SL: ₹10–₹15