CreditAccess Grameen sees a triangle breakout! Know more about the target level

CreditAccess Grameen sees a triangle breakout! Know more about the target levels

by 5paisa Research Team Last Updated: 2022-05-30T13:21:34+05:30

CreditAccess Grameen is a non-banking financial company (NBFC) engaged in the microfinance sector. Its services are focused on the rural poor and low-income households, particularly women.

The stock of CREDITACC has zoomed over a massive 7% today. After a strong gap-up, the stock continued to trade higher and formed a strong bullish candle with an open=low scenario. On the technical chart, the stock has seen a triangle breakout at Rs 1011 on the daily timeframe. This breakout is accompanied by above-average volume which is greater than the 10-day, 30-day and 50-day average volume.

Along with its bullish price structure, several technical parameters support its bullishness. The 14-period daily RSI (61.38) has entered the bullish territory and is above the prior swing high. Interestingly, the MACD has given a bullish crossover and indicates a possible bullish momentum. The On Balance Volume (OBV) is at its peak and reflects strong strength from the volume’s perspective. The KST and TSI indicators maintain a bullish view along with the Elder Impulse System. Moreover, it is above all the key moving averages and all of them indicate bullishness.

On YTD basis, the stock has jumped over 75% and has outperformed its peers and broader market by a broad margin. Despite consolidating for a month, the stock is finally ready to soar higher. Considering the above points, the stock is expected to continue its bullish track after the breakout. It is expected to test the levels of Rs 1200, followed by Rs 1230 in short to medium term. It presents a good opportunity from swing trading for traders. With the stock showing sign of halting, the stock is a good buy as per the technical analysis.

CreditAccess Grameen is a midcap company with a market capitalization of over Rs 16300 crore. The stock is in limelight because of its extremely bullishness recently and is a stock to watch in upcoming days.

Start Investing in 5 mins*

Get Benefits worth 2100* | Rs. 20 Flat Per Order | 0% Brokerage

About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.


Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

Open Free Demat Account

& get benefits worth 2100*

Resend OTP
Please Enter OTP
  • Have Promo code?
  • Use code ACT2100
Enter Promo code
Account belongs to

By proceeding, you agree to the T&C.

Start Investing Now!

Open Free Demat Account in 5 mins

Enter Valid Mobile Number