Buy Manappuram Finance April Futures at Rs 103.5
Stop Loss: Rs 98 | Target: Rs 115 | Lot Size: 6000
— We have seen long roll-over in the Manappuram Finance Futures’ yesterday, where we saw 74 per cent roll over to the April series with rollover cost rising to nearly 2 per cent.
— The stock price closed above its 5-day Simple moving average (SMA) on Wednesday, the first time in the month of March, with higher volumes.
— The stock price formed multiple bottoms around 79 odd levels
— RSI Oscillator is showing strength in the stock
Disclaimer: Nandish Shah is a Technical & Derivative Analyst at HDFC securities. Views are personal.