Manappuram Finance has just demonstrated a noteworthy breakout from an Ascending Channel pattern, which has helped it hit 52-week high levels. A general bullish biasness towards the stock is indicated by this upturn.
After carefully examining the daily charts, it is apparent that a Change in Polarity (CIP) pattern has developed near the Rs 131 price level. The stock's upward trajectory is thereby strengthened.
Along with this, the stock price managed to sustain above crucial moving averages i.e. 50,100, and 200 SMA. Hence, strong bullish momentum can be expected in upcoming few weeks.
CMP: 146
Buy above 154.
Target: 185-190
Stoploss: 138.
Please do your own research before initiating any trade. Always keep stoploss in order to protect your capital.
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Entry should be only above 154 on confirmation.
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back to parallel channel, waiting for the stock to breakout from the channel for entry.
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exactly at the breakout now, focus on the levels !!