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Published on 10/01/2019 4:35:53 PM | Source: Choice Broking Pvt Ltd

Buy Manappuram Finance Ltd For Target Rs.107 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #NBFC #Manappuram Finance Ltd #Trading Report #Choice Broking

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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.

Recommendation

Buy Manappuram Finance Ltd Jan Fut @ 98.75-97.80 Stoploss 94.00 Target 107.00

 

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