Bullish move in Manappuram Finance ?
In today's session Manappuram Finance showed some wild swings. CMP corrected almost 4.33% in first 15 min of today's opening. But its price chart is quite interesting if you look carefully. The first candle in 15 min timeframe showed stock corrected almost 4%, but in the same candle a bearish shadow can be observed somewhat equivalent to the length of the body itself, this indicates buying of course. After an hour, stock price moved in consolidation as marked in the image and this lasts till the end of the day.
So, according to my analysis Manappuram Finance will move bullish tomorrow. If the price breaches above 118.70 then it could easily achieve the target levels marked on the image. By saying this, it doesn't means that price would straight up to the target levels after tomorrow's opening. Price may test the bottom of the rectangle more then once, before moving to the desired territory. So have patience on that part.
So, according to my analysis Manappuram Finance will move bullish tomorrow. If the price breaches above 118.70 then it could easily achieve the target levels marked on the image. By saying this, it doesn't means that price would straight up to the target levels after tomorrow's opening. Price may test the bottom of the rectangle more then once, before moving to the desired territory. So have patience on that part.
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