MRPL Earnings Recovery Meets a Stronger Price Structure

is showing signs of a meaningful earnings recovery, although the business remains sensitive to refining margins and crude-price cycles. The latest quarter stands out: sales rose sharply to around ₹38,254 crore, up about 120% YoY, while EPS improved to ₹3.96 from a loss of ₹1.60 in the comparable quarter. The preceding December quarter also showed strong EPS growth, indicating that profitability is beginning to recover after the weakness seen earlier. The improvement in revenue and earnings is encouraging, but I would still treat the numbers with some caution because refinery earnings can be highly cyclical. Technically, I see a much better setup developing. The chart shows MRPL respecting a well-defined rising trendline, with multiple declines finding buyers around the ₹145–150 region. The stock has now moved back towards ₹176–177 and is holding above the recent base, keeping the broader structure constructive. I would watch ₹168–170 as the immediate support, followed by ₹160 and the rising trendline near ₹150–152. On the upside, ₹184–185 is the first hurdle, followed by ₹192 and then the psychological ₹200 level. A sustained breakout above ₹192–200 would strengthen the bullish setup and could signal the next leg higher. My bias remains positive while the stock holds above the rising trendline, with dips towards support offering a better entry opportunity than chasing sharp rallies