Even though this stock is not a part of any major index like Nifty 50 or Fin Nifty, it’s worth keeping an eye on this.
Manappuram Finance, the famous non-banking financial company which primarily provides gold loans and other financial services to individuals and businesses has crashed by 20% in just 3 days!
Take a look at the Price Action Analysis on Chart
Manappuram Finance – Price Action Analysis on 4h Chart
The company saw a sharp drop in its share prices during last 3 days. The shares tumbled by 20% and reached an intraday low of Rs 102.2 per share on Friday morning.
The massive fall was reportedly due to the news that the Enforcement Directorate had frozen the assets of the company’s Managing Director and Chief Executive Officer.
We can see a massive sentiment shift in Stock prices, the sudden change in the market behavior has trapped uninformed traders near the consolidation at 130
Also it looks like insiders and other big players may have already sold their positions beforehand, resulting in the sharp selloff that we are seeing now.
I am expecting the Bearish sentiment to continue in this stock for upcoming days because of the sudden change in market behavior
What do you think about this Stock? Do you have any positions in this? Leave your thoughts on comments!
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