Update on Manappuram Finance and Muthoot Finance. Buy for short term gains.
Manappuram Finance has post flat results. We have a Fundamental target price of 110 for this quarter. Stock is trading at fresh 1 month high of 98. On Weekly and daily chart the stock is trending up with strength, the upside is limited to 106-110 on short term basis. Buy for a target of 110 in 2 weeks -4 weeks. SL 92. For long term, one can accumulate the stock between 88-90 on any dips for a target of 135. 1 year.
Muthoot Finance has posted strong results and has rallied post results. We have a fundamental target price of 480 this quarter. The price seem to have hit and the stock is consolidating. Have 420 as stoploss and keep accumulating on dips towards 440-450. We have a target of 600 in 6 months, betting on better performance of the stock.