Off late gold loan companies have been under pressure due to govt policies of tightening the gold loans and % amount of the loan which can be given on deposit of the gold. Manappuram in its upmove can at max now reach 18.5 level and again bears will gain force.
Just remember that a falling stock is like a falling knife and thus we will advise investors and traders to stay away from the stock as stock is showing a Head and Shoulder Top formation and if stock remains below the level of 15; then it finds support near 10.4 level and below 10 it can falls upto Rs 8.5.
Have a look at below stock chart explaining the Head and shoulder top pattern formation for easier understanding and comprehension
How to Trade Manappurram Finance?
Thus it is best to stay away from such type of stocks as it is an instinct to buy at lower levels but the result can be disastrous for your financial health and thus we will not suggest investors to enter in the stock for the time being till the time gold loan policies again become favourable for this company. If govt relents and provide some relaxation in gold import; then one can enter this stock on breaking past 20 level for an up move to 25 and higher levels on sustaining above 25 with volumes.
For the time being we see it moving between 15 and 18.5 levels and any break above 18.5 is the first indicator that you should be now ready to catch the stock if govt make any favorable noises in gold sector. This analysis is made on 26 Sep 13. Do remember to share the post in your favourite social media as sharing is caring.
Just remember that a falling stock is like a falling knife and thus we will advise investors and traders to stay away from the stock as stock is showing a Head and Shoulder Top formation and if stock remains below the level of 15; then it finds support near 10.4 level and below 10 it can falls upto Rs 8.5.
Have a look at below stock chart explaining the Head and shoulder top pattern formation for easier understanding and comprehension
How to Trade Manappurram Finance?
Thus it is best to stay away from such type of stocks as it is an instinct to buy at lower levels but the result can be disastrous for your financial health and thus we will not suggest investors to enter in the stock for the time being till the time gold loan policies again become favourable for this company. If govt relents and provide some relaxation in gold import; then one can enter this stock on breaking past 20 level for an up move to 25 and higher levels on sustaining above 25 with volumes.
For the time being we see it moving between 15 and 18.5 levels and any break above 18.5 is the first indicator that you should be now ready to catch the stock if govt make any favorable noises in gold sector. This analysis is made on 26 Sep 13. Do remember to share the post in your favourite social media as sharing is caring.
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