The stock has been on a short-term downtrend since encountering a key resistance at 144 rupees in June this year. While trending down, the stock breached a key support at 125 rupees in mid-July and continued to trend downwards. This level now acts as a key resistance.
The short-term outlook is bearish for the stock. It can continue to trend down and reach the price targets of 111 rupees and 50 paise and 109 rupees in the upcoming sessions. Traders can sell the stock of Manappuram Finance with a stop-loss at 119 rupees.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.