On Monday, Sensex and Nifty took a hit due to sharp losses in Kotak Mahindra Bank and continued foreign fund outflows. However, certain stocks managed to stand out. Manappuram Finance rose by 4.55%, Raymond Lifestyles gained 2.2%, and 360 One Wam saw a 3.3% jump. Here’s what Ameya Ranadive, Senior Technical Analyst at StoxBox, recommends for investors as the market reopens.
Manappuram Finance
Manappuram Finance is trading at ₹148, but the stock has dropped sharply, losing 18% in two sessions and over 25% since the start of October. The decline came after the Reserve Bank of India raised concerns about four non-banking financial companies (NBFCs), leading to heavy selling pressure.
From a technical perspective, the stock looks weak after breaking its key support level of ₹160. The volume of trades has surged, reflecting strong selling pressure, and the Relative Strength Index (RSI) has dropped to 15.5, indicating the stock is oversold. However, it may stabilize soon.
Recommendation: Avoid trading for now due to regulatory issues and weak technical indicators. Wait for more clarity before considering any moves.
Raymond Lifestyles
Since its recent listing, Raymond Lifestyles has dropped almost 30% from its debut price of ₹3,020, trading mostly between ₹2,425 and ₹2,270 without breaking key resistance levels.
Currently, the stock is nearing a crucial breakout point. If it stays above ₹2,450 for a few days, the price could rise towards ₹2,800–₹3,000. The RSI has improved to 49, hinting at potential recovery, while increased trading volume signals rising interest.
Recommendation: If the stock stays above ₹2,450, it could be a buying opportunity. But if it dips below ₹2,250, there may be more downside risk.
360 One Wam
360 One Wam is trading at ₹1,108 and is close to breaking a resistance level between ₹1,115 and ₹1,120, a level it has struggled to surpass since August. Recent technical signals suggest the stock is nearing a breakout, with RSI improving to 56, showing strong buying momentum.
The stock is trading above key moving averages, making it well-positioned for further growth.
Recommendation: Good buying opportunity if it breaks above ₹1,120. If successful, the stock could hit ₹1,250–₹1,325 in the medium term.
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