Shriram Transport Finance Company Ltd

NSE :SRTRANSFIN   BSE :511218  Sector : Finance

About Company: Shriram Transport Finance Company Ltd is a part of the SHRIRAM Group conglomerate which has a significant presence in the financing business. STFC is engaged in the business of commercial vehicle financing mainly focusing on trucks from preowned to new ones. It’s a Deposit-taking NBFC comprising 1,758 branches, 831 rural centers, and partnerships with ~500 private financiers.

Daily Chart of SRTRANSFIN:

Technical Outlook of Shriram Transport:

On Thursday 17th Feb 2022 stock gained 4.66% and closed at 1277.45 on NSE. Today stock was top gainer in the F&O space. Stock rallied in the intraday morning session, consolidated in a range for the remaining trading session.

Stock closed near day’s high. Volumes since the last three trading sessions are increasing with the increase in prices of share. Today stock broke out of the trend line and closed above the trendline resistance as marked on the chart above. Stock managed to close above 50 days exponential moving average which singles out bullish momentum in the stock.

Looking at the Daily chart set up, Trendline breakout and stock closing above 50 days EMA we have a positive outlook on the stock. Hence we recommend buying Shriram Transport Finance around current market price at 1270- 1277, Expected targets on the upside are 1357- 1370 in the next few trading sessions. Stop Loss should be maintained at 1215