MUTHOOTFIN
Muthoot | Bounced off Trendline support - Similar to ManappuramMuthoot 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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MUTHOOTFIN (Muthoot Finance Ltd) SELL BELOW 623MUTHOOTFIN (Muthoot Finance Ltd) SELL BELOW 623
Stock has been range bound for many days. Today it has given the breakout in the downward direction. So breaking the lower trendline, can lead to more fall in stock's trends.
MUTHOOT FINANCE RESULTSexpecting muthoot to complete round top formation and to touch 200 sma. Can expect 530 soon
channelcheck for lower time frame for reversal and go long if it breaks the channel then selling can happen
refer chart for details
Sell MUTHOOTFIN cmp 571 Average Near 620 TGT 520 PositionalSELL CMP 571
ADD MORE AVERAGE NEAR 620
TARGET 520
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MUTHOOT FINANCE LTDStock has witnessed a range breakout from a 2 year range of approx 169 points with big white candle having good volume.
If Stocks manages to stay above 500 levels on weekly basis, it can move towards 600 and then 700 levels.
Price action will always be the king , so keep an eye an on the price action to ride the potential rally.
MUTHOOTFIN buy setup - High reward for low riskBuy MUTHOOTFIN between 425-415
T1: 515
T2: 570
SL: 385
MUTHOOTFIN | Expecting BreakoutExpecting MuthootFin to give breakout. One can go long with SL below 450. Risky traders can also look for short around 470-475 with SL above 477.
Muthoot Fin Short term viewMost of the time I given my views before breakout, by viewing indicators and having confident on that, So safer traders, can initiate trade after breakout (on closing basis) and risky traders can buy from this level.
Daily MACD cut,Weekly MACD crossover, ADX loosening the negative bias,RSI and CCI are in positive mode helps to breakout and reach the target on coming days. One hour chart also favorable to enter at CMP.
Vijayaraghavan.K,
Kovilpatti.
