MMTC share price : The BSE 500 stock MMTC soared over 13 per cent in today’s trading session so far. The stock under Rs 100 opened lower at Rs 70.51 and went up as much as 13.83 per cent hitting an intraday high of Rs 80.70 per share on BSE.
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This rally was accompanied by heavy trading volumes. At around 2:30 PM, a total of 15.59 lakh shares were changing hands against the two weeks’ average quantity of 1.76 lakh shares.
Meanwhile, on NSE, around 425.25 lakh shares traded with a value of Rs 331.48 crore, at around the same time.
At around 3 PM, MMTC shares were trading in the positive bias at Rs 77.50 per share, up 6.61 points or 9.32% against the previous close of Rs 70.89 per share.
With a market cap of Rs 11,461.50 crore, MMTC shares have delivered multibagger returns over the last two years, surging over 111%. The stock has witnessed a correction of 10% in the last three months and fell by 8% in the last six months. However, it has delivered positive returns in the last one week surging over 3%, as per BSE anlaytics as of Jan 8.
According to Vipin Dixena, Founder Turtle Trading Desk and a SEBI Registered market Analyst, MMTC is currently trading below its long-term and short-term moving averages, indicating a long-term downtrend.
However, Dixena expects the stock to have a strong support around Rs 69-67 for MMTC share as it has bounced from this level in today’s trading session with good volumes.
The analyst added that the stock has strong resistance around 84 and the stock will gain momentum after breakout of Rs 84 level. “So, one should wait for these levels to make any positions considering the negative broader market conditions and investor sentiment,” he added.
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