Stock of Day – Muthoot Finance

Muthoot Finance and Manapuram Finance are the two major NBFC companies that deal with loans backed with Gold. But RBI restrictions combined with falling gold price has had a impact on the stock price in recent months. The first sign of change of trend came about in January when RBI eased the norms for extendingloans against gold jewellery as collateral.

Today, once again, both gold companies have broken out of short term zones with good volumes. On the longer term charts though, the chart of Muthoot appears much better compared to Manapuram which is still very much in the bearish zone on the medium to long term.

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About Prashanth

Have been a full time participant in the stock markets since 1996. Run a Yahoo Group where focus is exclusively on discussions of the Indian Markets using Technical Analysis as the tool (groups.yahoo.com/group/technical-investor)
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