Manappuram Finance, Indus Towers among technical picks suggested by analyst

Kunal Kamble of Bonanza recommends buying Manappuram Finance, Indus Towers and Nuvama Wealth; here's why

Stocks to Buy - Recommended by Kunal Kamble of Bonanza

Manappuram Finance 

Manappuram Finance stock has staged a strong bullish breakout on the daily chart, supported by a surge in volumes, indicating fresh buying interest. The stock is trading above its key short- and medium-term moving averages, confirming a positive trend structure. 

 

The breakout from a recent consolidation zone signals a shift in momentum in favor of bulls. RSI has moved into a bullish territory, reflecting strengthening upside momentum without immediate signs of overbought conditions. Price action continues to form higher highs and higher lows, reinforcing trend strength.

 

Buy range: ₹315.75

 

Stop-loss: ₹296

 

Target: ₹350

Nuvama Wealth Management 

Nuvama Wealth Management share has delivered a decisive breakout on the daily chart, supported by a pickup in volumes, signalling renewed buying interest. The stock has moved above its recent consolidation range and is comfortably trading above key short- and medium-term moving averages, indicating strengthening trend momentum. 

 

Price action continues to form higher highs and higher lows, reflecting a positive structural setup. The 20-day and 50-day averages are trending upward, suggesting sustained upside potential. Momentum indicators have also turned supportive, with RSI moving out of a neutral zone and heading higher, indicating improving strength. Overall, the technical setup points to continuation of the ongoing uptrend, making the stock attractive on the buy side for the near term.

 

Buy range: ₹7,615

 

Stop-loss: ₹7,256

 

Target: ₹8,360

Indus Towers 

Indus Towers stock has shown a strong technical improvement on the daily chart, with prices breaking above a downward sloping trendline, signalling a shift in the medium-term trend. The stock is trading firmly above its key short- and medium-term moving averages, indicating sustained buying interest. Recent price action reflects higher highs and higher lows, confirming a positive structural setup. 

 

Volumes have remained steady during the breakout, supporting the strength of the move. Momentum indicators are constructive, with RSI holding above the neutral zone and trending upward, suggesting improving bullish momentum.

 

Buy range: ₹423.9

 

Stop-loss: ₹407

 

Target: ₹458

 

(Disclaimer: This article is by Kunal Kamble, sr. technical research analyst at Bonanza. Views expressed are his own.)