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The short-term outlook for the stock of Manappuram Finance is bullish. The stock has been moving up gradually since the last week of September. The sharp 4.6 per cent rise so far this week indicates that the upmove has gained momentum. Immediate support is at ₹107.50 which itself can limit the downside. Below that ₹105 and ₹103.50 are good supports. The stock has potential to rise towards ₹120-₹122 in the next two-three weeks.
Traders with a short-term perspective can go long at current levels. Accumulate on dips at ₹107 and then at ₹106. Stop-loss can be kept at ₹103. Trail the stop-loss up to ₹111 as soon as the stock move sup to ₹115. Move the stop-loss further up to ₹116 when the stock touches ₹118 on the upside. Book profits at ₹120.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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