Muthoot Finance Ltd

NSE :MUTHOOTFIN   BSE :533398  Sector : Finance

About Company: Muthoot Finance is engaged in the business of diversified interests in the fields of Financial Services, Healthcare, Real Estate, Plantations, Foreign Exchange, Information Technology, Education, Insurance Distribution, Hospitality etc.

News in Muthoot Finance: After gold loan finance major posted a 8 per cent jump in consolidated net profit at Rs 1,003 crore in Q2FY22 compared to Rs 931 crore in Q2FY21, owing to an improved performance on gold loans. The stock surpassed its previous high of Rs 1,638.50 touched on August 4, 2021.

Daily Chart of Muthoot Finance Ltd:

Technical Outlook of Muthoot Finance Ltd:

Stock after posting strong Q2 FY 21 results saw a huge rally in share prices. Today on Monday 8th Nov 2021 stock gained 8.45% and closed at 1659.40. Looking at the daily chart we can observe the stock broke out of a symmetrical triangle pattern after huge consolidation. Going forward we can expect buying interest in the stock. After today’s rally we can expect some profit booking in the counter which should be used as buying opportunities in the stock. Stock is best buy around breakout levels @ 1590- 1600 for a short term target of 2100 in the next 6 months. If stock closes below 1560 level we need to review the chart structure and technical parameter once again. Till then buy on dips should be the strategy suggested for investors and short term traders.