The stock of Manappuram Finance has been in an uptrend since October last year. It started to appreciate after finding support at ₹140. But in January, the stock lost some momentum. Although the trend did not turn bearish, it struggled to move up, as ₹200 resisted the bulls. But on Tuesday, the scrip broke out of ₹200, indicating that the bulls have regained traction. In the near term, we expect the stock to rally to ₹225. Therefore, traders can buy shares of Manappuram Finance at ₹205 and accumulate on a dip to ₹200. Place initial stop-loss at ₹188. When the price hits ₹215, revise the stop-loss to ₹208. Tighten the stop-loss further to ₹214 when the stock touches ₹220. Book profits at ₹225.

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Note: The recommendations are based on technical analysis. There is a risk of loss in trading

Published on February 5, 2025