This small-cap NBFC stock has registered a triangle breakout! Know the target levels

This small-cap NBFC stock has registered a triangle breakout! Know the target levels

by 5paisa Research Team Last Updated: Dec 14, 2022 - 12:54 am 23.1k Views
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The stock of Arman Financial Services Ltd has witnessed huge buying interest following a strong breakout from its triangle pattern on the technical chart. It has surged over 9% during the first half of Friday's trading session and with this, it has hit a fresh 52-week high level. In the past three days, the stock has recorded rising volumes, which is an indication of an increased participation level in the stock. The volumes are above average and tend to be greater than 10-day, 30-day and 50-day average volumes. Thus, the price structure is extremely bullish

As per the technical parameters, the stock is in total upside momentum. The 14- period daily RSI (67.92) has broken out from its falling trendline and is in the bullish zone. The OBV is at its peak and shows strong strength from the volume's point of view. Meanwhile, the +DMI is well above the -DMI and shows a strong uptrend. The Relative Strength is strongly positive and indicates an outperformance against the broader market. The Elder Impulse System, along with TSI and KST indicators, maintains a bullish view of this stock. It is currently about 17% above its 20-DMA and 35% above its 200-DMA.

On a YTD basis, the stock has climbed over 50% and has performed better than its peers. In a nutshell, the stock is poised to trade higher. It can gain another 8-10% in short term. Meanwhile, the level of Rs 1200 can be set as a stop loss. Swing traders have a good opportunity and can expect good gains. Keep an eye on this stock to track further movement.

Arman Financial Services Limited is a small-cap asset finance company, engaged in providing microfinance and financing the purchase of two- and three-wheelers. With a market capitalisation of about Rs 1000 crore, it is one of the strong growing companies in its sector.

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