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* On a daily chart, the stock has moved above “Ichimoku Cloud” with positive crossover between conversion line and base line which shows the upside movement in the counter.
* Furthermore, the stock has been trading in Rising Channel formation from last couple of days where it has sustained above 200 days EMA, which confirms long term trend remains bullish.
* On an hourly chart, the stock has given trend line breakout and sustained above it which suggests a northward movement in the counter.
* A daily momentum indicator RSI reading is at 69.50 level with a positive crossover, apart from this MACD has also shown positive strength on a daily chart, which points out for a positive breath in the stock.
* Based on the above technical parameters, we are expecting a upside move in the stock in few trading sessions.
Buy Manappuram Finance Ltd Jan Fut @ 98.75-97.80 Stoploss 94.00 Target 107.00
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