Muthoot | Bounced off Trendline support - Similar to Manappuram

Muthoot Finance exhibit a very similar price action to Manappuram . It should be natural considering the magnitude of similarity in their business models.

Like Manappuram , Muthoot has bounced off a trendline support, where we could also see a demand area i.e. around 600, which also happens to be a round number. With their nature of business involving gold and the yellow metal gaining strength every week, it should be good news for the company with improving loan to value. Stock appears bullish and we expect the stock to hit 650 sooner or later.

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