Technical Stock Pick: Manappuram Finance
- Manappuram Finance made its all time high at Rs95 in the month of November 2010.
- If we take 61.8% ratio from this all time high then it comes to Rs36. 61.8 is a very important ratio in technical analysis and specially if it is taken from the all time high. This level is acting as a resistance at this juncture, and if it is breached then the next upward target will be Rs42 (refer chart)
- The level of Rs36 which is acting as resistance (has been marked with a blue horizontal trend line on the chart) and once it is breached the next upward target will be Rs42 (the previous supports which will now act as resitance which is marked on the chart above with red horizontal trend line).
Recommendation: HDFC Securities recommends investors to buy Manappuram Finance between Rs37.20 and Rs35 for a price target of Rs42 in one week; keep a stop loss of Rs34 on the closing basis
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