Manappuram slips 3.7% despite profit surge

Manappuram Finance fell 3.73% to Rs 308 after Q2 profit rose 222.7%. Price is range-bound between support at 270.85 and resistance at 330. Manappuram Finance Limited [MANAPPURAM] shares fell 3.73% to Rs 308 despite a strong Q2 consolidated result. Profit surged 222.7% year on year to Rs 701 crore, against Rs 217.3 crore. Revenue grew 44.7% to Rs 1,958.7 crore from Rs 1,353.6 crore. On the daily chart, the stock fell from its August high near 380 and has since moved sideways between 270.85 and 330. Lower highs since August keep the structure under pressure. Price was rejected near 330 again, and the fall came on heavy volume of 31.97 million shares, the highest on the chart. RSI at 46.55 is below 50, showing weak momentum. In my view, the structure stays range-bound with a bearish tilt below 330. A close above 330 would turn the structure positive and put a recovery leg in view. A fall below 270.85 would break the range and open a deeper decline. Stance: range-bound to bearish below 330, with 270.85 as key support. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.