June 08, 2017
Manappuram Finance (NSE Cash)
BUY
` 89.25
` 93.50 - 94.50
` 104
14 -21 sessions
Daily Chart
Source: Falcon (Time:
10:45 IST)
Justification:
Since last few months, this stock has been consolidating in a broad range. Recently, the prices have taken support near its
'200 EMA' on the daily charts and have reverted higher. As seen in the exhibit, the prices have now given a breakout
from its falling trendline resistance. Also, the 'RSI' Oscillator on the daily chart is indicating a positive momentum.
Considering the above setup, there is a higher probability of the stock moving higher in near term. Hence, we advise traders
to buy this stock at current levels and on declines at `93.50 for a target of `104 over the next 14- 21 sessions. The stop loss
should be fixed at `89.25.
Ruchit Jain
022-3935 7600 Extn: 6554
1
June 08, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
Email: technicalresearch-
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