1. Muthoot Finance has broken out from flag pattern 2. Stock has taken support in 200EMA 3. Also took support from the channel 4. Started forming HH and HL in 1hr TF 5. Good pickup in volume in the past few days of breaking out 6. 1:3 risk reward setup Target and Stop loss levels are mentioned in the chart
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@bhavinchauhan20, You don't have to worry if you're holding the stock for long term investment. In fact, you can accumulate in this fall. The stock has been in an up trend since 2011. Unless it breaks 1000, there is nothing to worry. All the stocks have fallen due to second wave of COVID. Therefore, it's a news based correction and markets should recover as soon as the second wave is over. Also, selling seems to be fading out in Muthoot Finance and the stock should head higher from the current levels. The stock is forming an ascending triangle in 1hr timeframe and going through volatility contraction. Expect a good move once the ascending triangle is broken. Refer the link: Please feel free to ask in case you have further queries.