"Rising volumes and relative strength further indicate that the momentum is likely to extend further. We expect the sock to make an attempt to rally towards its potential target of Rs 129 in the medium term," says Hadrien Mendonca, Senior Technical Analyst at IIFL.
Moneycontrol News
Hadrien Mendonca
Manappuram Finance has been in a declining mode for the past two weeks and is finally on the verge of breaking out from a declining channel pattern on the daily chart.
Our weekly chart analysis indicates that stock has managed to hold above the rising trendline support zone which further accentuates our bullish stance on the stock.
Rising volumes and relative strength further indicate that the momentum is likely to extend further. We expect the sock to make an attempt to rally towards its potential target of Rs 129 in the medium term.
Disclaimer: The author is Senior Technical Analyst, IIFL. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.