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The short-term outlook for the stock of Manappuram Finance is bullish. The stock had risen 2.5 per cent on Wednesday, well above its key resistance at ₹118. This level can now act as a good support. Below that, a cluster of moving averages are poised around ₹113, making it a strong support. Manappuram Finance share price can rise to ₹126 initially.
A break above ₹126 can take the price up to ₹132 over the next three-four weeks. Traders can go long now at the current levels. Accumulate on dips at ₹115. Keep the stop-loss at ₹112. Trail the stop-loss up to ₹122 as soon as the stock moves up to ₹125. Move the stop-loss further up to ₹126 when the stock touches ₹128. Exit the long positions at ₹130.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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