Chart Of The Day : MUTHOOT FINANCE LTD.Buy/Sell/Hold? Short - Mid Term
View 4 JUNE 2017 For Trading Positional
Technical Analysis Recommendation
MUTHOOT FINANCE LTD.
Recommendation:
Buy
View :
Short to Mid Term
Strategy
: ?
CMP :
bse cash 427.60
Commentary:
Clearly the
financial services space is ruling the roost of equity markets at this point
baring the bad loans ridden banks and excepting the surprising NPA disclosure
of state owned Power Finance Corporation limited.
MUTHOOT FINANCE LTD.
Is definitely a leading counter in nbfc space.
Let’s talk about
the stock movement directly.
It declined to its
200 dma around 280, after note ban from its pre note ban high of 400 of august
2016 and crossed the same recently and given fresh breakout above it.
We expect fast rise
of 15 pc. The rise announced in Q4 also gave backing to the stock price rally.
Attached is the
chart and a little explanation. Click on the chart for bigger view.
You can clearly see
how it is making one of the most reliable inverse head and shoulder patter on
the daily chart and now made a high above the previous high of 405 levels.
We clearly
recommend a strong and easy buy on this one. The way it has come back is also
very promising from trading perspective.
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