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
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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.

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