Manappuram Finance Shares Up 8 percentage After F&O Ban Exit - More to Gain

The share price of Manappuram Finance grew by more than 8% after its removal from the F&O ban list. The stock opened at an intraday low of Rs 182.05 on the BSE and reached a high of Rs 193.60 during the day. 

After falling sharply last week from Rs 209.35 to Rs 168.83, Manappuram Finance opened with a gap-up on Monday, as noted by Sachin Gupta, Senior Research Analyst with 5paisa. The stock has risen from support at the Middle Bollinger Band and the 100-EMA on the weekly chart, suggesting fresh buying interest. The stock is also still above the 200-day EMA on the daily chart, reinforcing the bullish view. However, the RSI momentum indicator is at approximately 49 with a negative crossover on the daily chart.

Given this technical setup, Gupta recommends a buy on Manappuram Finance in the Rs 185-188 range, with a stop loss at Rs 174 and upside targets of Rs 197/205.