Manappuram Finance has resistance at Rs 60, says Arunesh Madan, Augment Investment.
Madan told CNBC-TV18, "Manappuram Finance has a major resistance closer to a level of Rs 60 and as long as the stock trades below this I expect the stock to trade in the region of Rs 40-45 over the coming days."
He further added, " Hindustan Unilever has formed an engulfing bearish pattern in yesterday's trade and this pattern has been made on the back of very high volumes. What we have also seen is that Hindustan Lever moves against the trend of the market, in the year 2011 when the whole market was going down this stock had generated a return of close to 30%. So as long as the market is bullish I expect Hindustan Lever to trade lower and I won't be surprised if we will see the stock trading closer to a level of Rs 360 in the coming days."
