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...
MUTHOOTFIN (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.
Muthootfinance can be shorted below 640.5
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with excellent management, amazing price action and PE increasing from 10,12,13 in last five years, massive pe rerating is on the cards, as earning will increase with multiple revenue streams.
support at 610-615
targets: 650-980
duration 1month
I am looking this will high likely will make one more push to upside
buying at this stage is not advised , you can look to go short on reversal after this move with weak price action
those who are already in the position look to trail the stop and Book near the forecast
Muthoot Finance Limited is a gold financing company. The Company is a non-banking financial company (NBFC), which is engaged in providing loan (financing) against collateral of gold jewelry. The Company operates through two segments: Financing and Power Generation. The Company provides personal and business loans (secured by gold jewelry) primarily to individuals having no access to formal credit for a reasonable tenure to meet their short-term working capital requirements. The Company offers gold loans, foreign inward money transfer services, foreign exchange services, insurance broking, home loans, personal loans, collection services, microfinance, wind mill power generation, white label automated teller machine, instant money transfer services and domestic money transfer services. The Company has a network of approximately 4,294 branches all over India. In Sri Lanka, the Company offers corporate loans, mortgage loans, factoring, business loan and short term loans, among others.
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MUTHOOTFIN
