Hello Readers,
Today our pick is Manappuram Small-Cap Company. It is an NBFC company dealing with Gold loans, Housing loans, Commerical vehicle loans.
Our Mandatory checklists are
- Candlestick & Delivery Volume Analysis
- Future Open Interest
- Option Open Interest
- Technical Analysis using Ichimoku system
- Overall
- Stop Loss & Risk Reward Ratio
Let's look at the chart from the Tradingview below,
1. Candlestick & Delivery Volume Analysis:
The candlestick pattern for the past few days shows higher highs and higher lows. Also, the past candles are in small size which there is little or no movement in the price of the script.
The percentage of delivery volume in terms of traded quantity is 30% per the NSE website.
Also, as per the charts, the volume is above the average volume for the past 10 days and volume is increasing which shows positive momentum in the delivery.
2. Future OI:
The increase in open interest is 14%
3. Option OI:
As per the Option open interest, the next resistance for the stock will be at Rs. 200. If it breaks and sustains above 200 level we can expect further momentum in the stock till 210/215.
4. Technical Analysis:
As per the Ichimoku indicator, the price above the cloud and all the components are also showing positive bias as follows
- Tenken Sen - Points upwards and closer to the price
- Kijun Sen - somewhat upwards
- Senkou Span A - Points upwards and cloud is green
- Senkou Span B - Neutral and cloud is green
- Chikou Span - Free in open space and don't have any immediate resistance on its way
RSI is at 76 and pointing upwards which shows bullish momentum.
5. Overall:
Overall the stock is showing more positive clues than negative.
6. SL & RR:
Stoploss for the stock can be at 190 and Target can be at 215. The RR will be 1:1.4