Mumbai:- In early trade today Poonawalla Fincrop shares jumped more than two per cent. Its price pattern looks quite interesting as it has bounced off its Crucial Support. Right now the stock is trading bullish and is nearing its lower limit.
Interestingly, this is equal to Rs 225 ot its 200-DMA level. Not only this, this stock has recorded good volumes today, which is an indication of active participation in it.
According to the technical parameters, there is no possibility of a fall in this stock. Its 14-day daily RSI is above the bearish territory. Its MACD is showing bearishness but signals and MACD are converging which is indicating bullishness.
Shares of Adar Poonawalla’s company Poonawalla Fincrop closed at Rs 247.50 on the Bombay Stock Exchange, up about 15 per cent on Friday. Poonawalla Fincrop has reported that its Assets Under Management increased to Rs 16,579 crore in FY 22.
There has been a growth of 17 per cent in Assets Under Management as compared to FY 2021. At the same time, disbursement has increased by 158 percent in FY 2022 as compared to FY 2021.
Technically this stock is sin critical mode. Traders have a favorable risk-reward ratio as there is a strong upside potential.For medium-term bullishness, the stock needs to stay above the 20-DMA level of Rs 224. Also its colume should be good.