Monthly Choice : Buy MFSL in Cash @ 1700.8, SL 1540, TGT 2022.40 by Sumeet Bagadia, Choice Broking Ltd
Max Financial Services Limited
Buy MFSL @ 1700.8 with a Target of 2022.4 and a Stop Loss at 1540
Max Financial Services Ltd. (MFSL) is showing signs of a bullish reversal after spending the last few months consolidating within a broad range. The stock is currently trading around the Rs 1,694 zone and is attempting to break above a descending trend line resistance, indicating renewed buying interest and the possibility of a fresh upward move.
On the technical front, MFSL is trading above its key EMAs, reflecting a positive price structure and strengthening medium-term trend. The alignment of key moving averages suggests that the stock has regained momentum and is entering a potential accumulation phase.
The RSI is hovering around 59, which indicates improving bullish momentum without entering overbought territory. On the downside, Rs1,540 remains a crucial support and should be considered as the stop-loss level. Any decisive breach below this support may weaken the bullish setup and lead to renewed selling pressure.
If MFSL successfully sustains above support zone, it could pave the way for a rally towards Rs 2,022.40, which coincides with the next major resistance zone and offers a favorable riskreward setup. Volume expansion and a decisive breakout above the falling trend line will be key factors to validate the move.
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