Shriram Transport Finance registers a triangle breakout! Click to know its targets!

Shriram Transport Finance registers a triangle breakout! Click to know its targets!

by 5paisa Research Team Last Updated: Dec 13, 2022 - 12:50 pm 24.7k Views
Listen icon

SRTRANSFIN has soared about 2% during the initial hour of Wednesday’s trading session.

Shares of Shriram Transport Finance Company Ltd performed well recently, gaining about 8% since its prior swing low of Rs 1112.55. With this, it has registered a triangle pattern breakout and recorded good volumes. It is currently above its 20-DMA, 50-DMA and 100-DMA and shows good strength.

As per the technical parameters, the stock possesses good strength for the short term. The 14-period daily RSI (58.04) shows strong strength. The daily MACD has given a bullish crossover. Interestingly, the True Strength Indicator (TSI) has also registered a bullish crossover. Meanwhile, the On Balance Volume continues to be elevated and shows decent volumetric strength. The Relative Strength (RS) is above the zero line and suggests outperformance of the stock against the broader market. Also, the Elder Impulse System maintains a buy signal.

In the past month, the stock has risen by 8% and has performed better than most of its peers. Despite the stock being down by about 30% from its lifetime high of Rs 1696, the stock is showing short-term bullishness. As per its price structure, it is expected to test the level of Rs 1250 in the upcoming days. However, it needs to sustain above its 200-DMA level of Rs 1266 to indicate medium-term bullishness. On the downside, the level of Rs 1120 can act as strong support as the stock has bounced from this level multiple times. Considering its bullishness, the focus must be on the upside. A rise above Rs 1200 can provide good trading opportunities. You can include this stock in your watchlist to track further development of this stock.

Shriram Transport Finance Company Limited (STRTRANSFIN) is an NBFC, engaged in providing loans for commercial as well as personal vehicles. With this market capital of about Rs 32000 crores, it is one the most popular company in its sector.

Share Market Today


How do you rate this article?

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

378X91-D3

About the Author

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

Disclaimer

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.
Enjoy 0%* Brokerage with 5paisa
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest News
Polymatech Electronics: ₹1,500 Crore IPO for Semiconductor Expansion

Polymatech Electronics, prominent semiconductor chip manufacturer based in Chennai, is gearing up for significant financial move with plans to launch₹1,500 cr initial public offering (IPO) by end of year. This IPO, double size initially envisaged, signifies company’s ambitious expansion strategy in semiconductor industry.

Vodafone Idea Sets Floor and Cap Prices for FPO Amid Market Speculation

In a major development, Vodafone Idea Ltd. has revealed the floor price and cap price, alongside the lot size, for its upcoming follow-on public offering (FPO). The telecom giant witnessed a decrease of more than 3.25% during early trading on Wednesday, settling at ₹12.51, thus holding a market capitalization exceeding ₹61,000 crore.

Bondada Engineering Share Price Surged by 1423.2%, Know Why?

Bondada Engineering, standout in integrated infrastructure sector, witnessed extraordinary surge in its share price, soaring by impressive 1423.2% since its debut on BSE SME platform in August 2023. Investors who were part of IPO allocation saw significant gains, potentially earning 18.3 lakhs in just over eight months.