Muthoot Finance Kerala Flood Effect

Calamity-stricken residents of Kerala could end up pledging, or selling, their gold ornaments to re-build their homes or meet exigencies arising from the worst floods in a hundred years. Muthoot Finance and Manappuram Finance, whose core business is lending against gold , and local jewelers from the state could see a rush of customers in the coming weeks.

Traditionally, Keralites splurge on gold jewelLery this time of the year, coinciding with the wedding season and Onam. Trade sources estimate countrywide jewelLery demand at 594 tonnes. Of this, Kerala alone accounted for almost 18%. Further, 60% of this demand i.e. 10.8% occurred in can be muted this September and December quarters.

This above lines are copied from ET Now or some newspaper. But the point is - Muthoot Finance is a fundamental screaming buy for this quarter.

Technically, it is going up in a swing channel and in the lower channel with a confirmed green candle.
Trade closed: target reached: Booking this one! This is short trade now!
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