May 4, 2023
Pranjal Gupta

Manappuram Finance shares rebound 5% today in fag-end trade; here's why

BSE has requested clarification from Manappuram Finance regarding the movement in its share price. In response, the company stated that it does not possess any material information beyond what has already been disclosed that could be responsible for the increase in trading volume of its securities.

In response to BSE's request for clarification on the share price movement, Manappuram Finance stated that they did not possess any material information that could have caused the increase in the security's volume. Analysts have indicated that support for the stock could be seen at levels of Rs 109, Rs 108, and Rs 100. Osho Krishan, a Senior Analyst at Angel One, noted that the immediate support for the stock is at Rs 109, followed by the Rs 100 mark. Meanwhile, Vaishali Parekh, the Vice-President of Technical Research at Prabhudas Lilladher, mentioned that the stock has been in an overall gradual rising trend, taking support near the 200-DMA, and is expected to rise further in the coming days. Parekh suggested buying and accumulating the stock for an upside target of Rs 133 while maintaining a stop loss at Rs 115. Ravi Singh, the Vice-President and Head of Research at Share India, highlighted the company's good quarterly results and attractive valuation, trading at 1x its book value.

According to AR Ramachandran from Tips2trades, Manappuram Finance has established robust support at Rs 108 on the daily charts, and investors should only buy if there is a daily close above the resistance level of Rs 118.75 for higher targets of Rs 129-134 in the near term. VLA Ambala, a Research Analyst at Stock Market Today, suggested that Rs 100 could serve as psychological support, and a long position could be taken within the range of Rs 100 to 110 with a target of Rs 125/135/150 and a stop loss of Rs 97. Meanwhile, today, Indian equity benchmarks traded higher, mainly due to strong buying in financials, banks, and metal stocks.


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