In an interesting formation, MTNL has long term and short term support lines meeting at 170 level. One positive thing that happened on Friday was that bulls didn't allow the stock to fall below these levels. Even volume saw a rise which confirms the support at 170 level.
But keep in mind that the overall market is in a down-trend and its very difficult for one stock ot hold its rally when the whole market is falling. If the above mentioned support is maintained, and overall market sentiment remains bearish then our expectation is that MTNL will consolidate for a while.
On the other hand, if market bounces off on Monday then MTNL may start moving up.
Support
161, 155, 150
Resistance
180, 190
Overall market movement is very important for MTNL's move. Take a decision considering this factor.
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