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Last Updated : Feb 11, 2019 03:10 PM IST | Source: Moneycontrol.com

Buy Manappuram Finance, target Rs 110: Dinesh Rohira

The scrip has remained in a positive trajectory to form a long bullish candlestick pattern on the weekly price chart led by volume growth indicating a buying regime.

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Dinesh Rohira

Manappuram Finance remained on an upward trajectory for the last six trading sessions with marginal dip on a single period, but in preceding sessions, it managed to breakout from its long-term resistance of 200-day moving average placed at Rs 94.26 levels which now remains a strong support zone.

The scrip initially remained in a consolidation phase where it hit a low of Rs 65 and a high of Rs 110 on its six-month price chart. It reversed the trend and made a high of Rs 99 odd levels but witnessed a dip towards Rs 90 levels.

Post this consolidation, the scrip has remained in a positive trajectory to form a long bullish candlestick pattern on the weekly price chart led by volume growth indicating a buying regime.

The momentum indicator outlined a positive divergence in price with weekly RSI at Rs 61 levels, coupled with MACD managing to make a bullish crossover in the same period to trade above its Signal-Line.

Disclaimer: The author is CEO and Founder, 5nance.com. The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Feb 11, 2019 03:10 pm
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