STOCK STRAT­EGY

MANNAPURAM FI­NANCE ................... BUY ......................... CMP ₹109.30

Flash News Investment - - TECHNICALS -

✓ Cur­rent Ob­ser­va­tion: The stock, af­ter reg­is­ter­ing high of Rs 130.45 in the month of May 2018, saw a ver­ti­cal fall. The fall halted around the hor­i­zon­tal trend­line sup­port placed in the range of Rs 92-96.

✓ At present, the stock has wit­nessed break­out from down­ward slop­ing trend­line, along with de­cent vol­umes.

✓ The stock is trad­ing above its im­por­tant short term mov­ing av­er­age, i.e. 21-day EMA.

✓ The RSI on the daily chart is trad­ing in bullish zone and it has marked a fresh 14-pe­riod high, which is a bullish sign.

✓ The level of Rs 102 is likely to act as a strong sup­port for the stock and this can be main­tained as a stop loss.

✓ On the up­side, the stock is likely to touch the lev­els of Rs 117-122.

✓ Con­clu­sion: Con­sid­er­ing the break­out of the down­ward slop­ing trend­line along with de­cent vol­umes, we rec­om­mend buy­ing this stock for a tar­get price of Rs 117-122, with a stop loss at the level of Rs 102.

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