🏦 Manappuram Finance – Elliott Wave + Fibonacci Rally in Play

🔍 Technical Setup 📉 Historical Structure: Long-term uptrend from ~₹10 (2013) to ₹219 (2021). Corrective Wave 2 completed at ₹83.80 (2022), aligning with Fibonacci 0.618 retracement. 🔢 Wave Count: Wave (1) peak at ₹219. Wave (2) corrective base at ₹83.80. Currently unfolding impulsive Wave (3), often the strongest and longest wave in Elliott theory. 📐 Fibonacci Extensions: 1.0x = ₹293.80 1.618x = ₹423.55 (Wave 3 Target Zone) 🔁 Resistance & Breakout: Breakout above long-term resistance: ₹223.39 (Decisive zone) Recent close: ₹247.56 – above 0.786 retracement (₹248.85) → very bullish 📊 Moving Averages: Price trending well above 200-week MA (~₹129.55), indicating strong structural uptrend. 🔮 Target Projections: Wave Level Price Target Significance 0.786 Retrace ₹248.85 Breakout Level, Just Achieved Wave 1 High ₹219 Old Resistance, Now Turned Support Wave 3 (1.0x) ₹293.80 Moderate Target Wave 3 (1.618x) ₹423.55 Aggressive Elliott Target 🛑 Support Zone: ₹220–₹230 📉 Stop Loss (Weekly Close): Below ₹215 (structure invalidation) 🧠 Fundamental Tailwinds 🏦 Business Model: Gold loans + diversified NBFC exposure Increasing demand for secured lending in rural & semi-urban India 📈 Sectoral Boost: NBFCs gaining credit traction vs. banks RBI policy favorable for retail lenders