 "4 reasons why HDFC Securities recommend buying Manappuram Finance futures")
Buy Manappuram Finance June 140 Call @ Rs 4.5
Stop loss: Rs 3
Target: Rs 8
Rationale:
- Long build up was seen in the Manappuram Finance Futures’ yesterday, where we have seen rise in Open Interest with price rising by 4 per cent.
- After witnessing healthy correction during the first three days of the week, the stock resumed its uptrend again with rise in volumes.
- The stock is trading above its 5, 20 and 200-day simple moving average (SMA) indicating it is in uptrend for all the time frames.
- Oscillators and momentum indicators like relative strength index (RSI) and moving average convergence divergence (MACD) are showing strength in the stock on the daily and weekly charts.
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