Technical Pick – Manappuram Finance Limited
Manappuram Finance is finding support at 99 and resistance above 102.5.
On Daily chart,Break and sustain above 102.5 will see nonstop rally till 106---110++ in weeks to come.
14 Period Exponential average is also indicating the positive momentum in the stock as it has comfortably crossed the average with closing
MACD too has given the positive crossover (Buy signal) which indicates that upper side seems certain in it.
Daily 14 period RSI has turned up from near levels and has entered above 55 levels which indicates the bullish trend of the stock.
Traders don’t go for aggressive or positional selling at all because trend looks positive and we expect rally to remain continue from 106---110+++mark in coming weeks.
For positional trade, stop loss seeing below 99 on closing basis which is unlikely to breach in near terms.
Trading Recommendation (3rd Nov 2017)
Buy Manappuram Finance future above 102.5 and for the initial upside target of 106--110++ mark with stop loss below 99 on closing basis.
More will update soon!!!
