MUTHOOTFIN 28.07.2018 03:00PM

The technical chart of Muthoot Finance ltd stock has taken the formation of “Falling wedge” pattern in a daily time frame. As we can see that the lastsessionhas formed an “Hammer” candlestick pattern near the channel’s resistance slope line, which could be read as a trend reversal one.As per the technical aspects, the retest is expected to turn the trend to bearish. The negative rally could be testing all the way through 400-370 levels in the upcoming sessions. On the other hand, the stock might have a chance to continue on bullish termonce the market breaks above the key resistance holding at 420. And the upside rally could test 440-460 levels. Key support holds at 370.

Technical Chart:

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