Last week Manappuram Broke out of its Weekly resistance levels & started trading in the Nortward Channel.
Since Monday it tested if resistance has turned to support..?
Today if it closes above 160, the new support has been held & higher prices can be expected.

Also the Stochastic has been fairly resilient towards not moving below 50, a typical sign of a stock in trend reacting to ocillators.

Secondary logic is that since Nifty is adamantly moving Higher & Higher, the VIX is going to increase as fear grips traders while Investors are starved of value buying.
What safe heaven can be better than a stock that lends against gold ..? Which would appreciate even if the Index was to consolidate or correct itself.

I think it is a good trade as well as an investment pick from a mid term perspective.

Buy for Targets of 114, keep a SL at 102.

Happy Trading..!
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