Manappuram Finance ( Reverse or Good Breakout )

14 lug

Stock Analysis: MANAPPURAM ( Reverse or Breakout )

Overview:
Current Price: ₹224.23
Timeframe: Monthly Chart

Key Levels:

Resistance Levels:** ₹225 (significant), ₹233.04 (major), ₹315.42 (potential target if breakout occurs)
Support Levels:** ₹190.00 (recent low), ₹160.00 (significant support)


Price Action:

The stock is currently approaching a major resistance level at ₹233.04.

A breakout above ₹233.04, accompanied by strong volume, could signal a continuation of the uptrend towards ₹315.42.

Conversely, failure to break above ₹233.04 may result in a potential reversal towards support levels like ₹190.00 and ₹160.00.


Volume Analysis:

- Increasing volume could support a breakout above ₹225.

Conclusion:


- Watch for a closing price above ₹225 as an indication of potential bullish momentum in Manappuram Finance.

- Confirmation with strong volume is advisable for assessing sustainability of any breakout

- Be mindful of support levels at ₹190.00 and ₹160.00 in case of a reversal scenario.