Manappuram has formed a pennant pattern on daily charts which is a continuation pattern. In this case the previous trend is negative and hence one could expect a further fall in this name. Target Rs 45, stop loss 78.
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arvind1
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Hi Pavanji
Thank you for your view
I am zero at Technicals but fundamentally Manappuram is perhaps the best pick available in the NBFC/ Banking space right now
DO you think an alternative BULLISH scenario is possible?
Thanks
Arvind
Pavan7575
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@arvind1, Hi arvindji, the tock looks weak on charts and the levels beween 59-60 seems to be good support levels, but according to the penant pattern the stock could move to 45...If you have gone shart would advise keeping your stop loss now @ Rs 67
arvind1
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@Pavan7575, @Pavan7575, Dear Pavan ji, Heartfelt thanks. Am not a trader. just buy and hold. So I did not come back to this site. Hence the delay please excuse
God Bless you andBest Wishes in your journey
Arvid
Thank you for your view
I am zero at Technicals but fundamentally Manappuram is perhaps the best pick available in the NBFC/ Banking space right now
DO you think an alternative BULLISH scenario is possible?
Thanks
Arvind