Stock Idea - Manappuram Finance Limited By Choice Broking
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The stock slipped more than 30% from the 52 week high of 218 levels in Jul'21 to 154.55 lovels till Aug’? 1, which was the 78.6% Retracement lovels of it prior upward rally. After that, the stock was consolidating between the range of 160 to 1/U levels. Finally, the stock has , made high at 176.70 levels on 24th Sep'21, Thereafter, again the stock has tested the breakout levels and moved higher.
On aweekly chart, the stock has formed the Bullish Engulfing pattern in the prior trades and confirmed the breakout levels.
In the recent trade, tl levels an stock has given a breakout of its immediate swing high of 176.70 itted above the Upper Bollinger Band formation.
The price has also sustained above 38.2% Retracement levels of its prior fall from 218 to 154.55 levels, which sug gests lurther reversal in the stock.
The volume activities has been raising supporting (he upward movernent ing in the stock from last two trading session, which is supporting (he upward movernent
In addition, a momentum indicator Stochastic has pulled back from the oversold zone with positive crossover, which suggests further reversal in the counter
lence, we are expecting upward move in MANAPPURAM for the target of However, the stack hasa supportat around 160/165 levels 15/210 levels.
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