THE TARGET
LTP on NSE on 16/Feb/2024 was INR 1362/- (with a high of INR 1378/- and a low of INR 1345/-)
Although it is a good buy at current levels.
Resultantly after all this discussion, I believe that the target price should be:
first INR 1650 and
second INR 1880.
Stop Loss should be INR 1180
Risk to Reward will be 1:3
The time horizon should be 12-15 months
this stock is falling from several days...
it is likely give pullback to 1400-1440 levels to before fall to 1135 levels, which is a strong demand area.
If price breaks the 1440-1400 levels, by observing consolidation will expect a rise above head to test the resistance at 1600 levels.
keep in long side from these support levels.
MUTHOOT FINANCE LTD
Key highlights: 💡⚡
✅On 1Hour Time Frame Stock Showing Breakout of Parallel Channel Pattern.
✅Strong Bullish Candlestick Form on this timeframe.
✅It can give movement up to the Breakout target of 1496+.
✅Can Go Long in this stock by placing a stop loss below 1400-.
I am expecting another 19% upmove before a reversal in muthootfin. Lets see if it happens
NOTE : I am not a professional investor; I have only two years of experience in stocks and investing. Please refrain from making any trades based on my chart analysis, as this is solely for community learning purposes.
Highest EPS Sept Quarter of 26.4 from Rs 24.2
Riding high the Credit Boom for NBFC's.
technicals:
1. 45% Trendline
2. 50/100/200 DMA support at current levels ( divine intervention)
3. Momentum INdicators Oversold.
MUTHOOT FIN gave resistance zone breakout with strong bullish candle and gud volume bar after accumulation at the neck line of single strike. can play for swing by keeping 1:2:3 R/R in mind.
#MUTHOOTFIN...
Intraday as well as swing trade
All levels given in charts ...
IF good potential seen then we work in options also
if activate then possible a good movement Keep eye on this ...
We take trade only when it activates...
Possible to give good target
TRADING FACTS
Looks good as the volumes are being seen in the last few days and also the latest weekly candle closing over 1295 on a daily basis.
Target - 1522( where it faces two important resistances - Both Fann and Gann levels)
Will revisit once we achieve this Target for the next coarse of action.
SL - 1230
This script is mostly accumulating itself around support 2 zone as shown in the chart drawing.
If it comes true, then it can have a decent target.
Worth to watch it for study.
After correction of 50%, the stock has formed channel pattern on weekly TF and broke it out successfully.
while momentum indicator RSI has shown divergence and currently is above 60 which is also an bullish indication.
fresh long positions can be initiated here around 1120-1130 with the stoploss below 1080.
our expected targets are 1380-1710 in short to mid...
Confluence:
=About to break market structure
=Imbalance market space
Short @ 1013.50
Stop loss @ 0.50%
Target @ 1%
Disclaimer
ONLY FOR EDUCATIONAL PURPOSE.
