Stock to Watch: Today: Muthoot Finance Limited

Muthoot Finance Limited

Muthoot Finance Limited futures has retracement of 61.8% and sustaining above it strong support of 520 level on daily charts and expected to rise  till the next resistance level of 100% retracement level i.e. 549. Volumes also increased on daily charts, indicating that bulls will take charges upcoming trading days.

Technical indicators also supporting the bullish trend, RSI are giving buying crossovers. The stock price has been sustaining above 50 day’s EMA on the daily charts. Traders can take long positions in MUTHOOT FIN in the range 522-523 for the targets of 549/574 with a stop loss below 499.

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Market Commentary :

The Sensex was up 403.65 points at 35756.26, while Nifty was up 131.10 points at 10735.50. About 1468 shares have advanced, 1107 shares declined, and 161 shares are unchanged.

IBULHSGFIN, TATASTEEL, VEDL, ADANIPORTS, HINDALCO were the top gainers among Nifty 50 stocks while DRREDDY, HEROMOTOCO, HINDUNILVR, ZEEL, INDUSINDBK were the top losers.

News HighLights :

•According to the first estimate of Rabi production in 2018-19, National Bulk Handling Corporation (NBHC), Rabi cereals production is expected to decline by 9.91%, while chana/gram is the most affected pulse seeing 9.92% fall in acreage.

•The Goods and Services Tax (GST) Council meeting on February 20 remained inconclusive after some state finance ministers sought a physical meeting as they felt an issue as crucial as a special scheme for real estate sector should not be discussed through a video conference. The meeting will now take place in Delhi on February 24.

To Watch Daily Stock to Watch : Visit: CapitalHeight

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