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Stock Of the Day MMTC Group wise 356 stocks have upper circuited on BSE today. There are only two stocks in the A group which hit the upper circuit of 20%. On the other hand, Group B has 12 stocks, Group M 16, Group MT 2, Group P 2, Group T 67, Group X 34, Group XT the most at 199 and Group Z 5 out of 22 stocks till 1 pm. From to 30 percent upper circuit has been installed. IRFC and MMTC included in Group 1 have an upper circuit of 20%.
Talking about the performance of MMTC shares, today the stock opened at Rs 44.15 and reached a high of Rs 52.50. This is also its 52-week high. The flight of this stock with market cap of Rs 7880 crore has been going on for the last six months. Six months back it was just Rs 31.35. During this, it has given a strong return of 67.46 percent. Whereas, so far this year it has achieved a growth of 36.36 percent.
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Rupak Dey, senior technical analyst at LKP Securities, had said before the market opening that MMTC has given a consolidation breakout on the daily chart. Additionally, the stock has consistently remained above important moving averages, indicating its strength. The Relative Strength Index (RSI) is displaying a bullish crossover pattern. “In the near term it is likely the stock will move towards 50. On the contrary, on the downside, a support level has been established at 42,” he said. The stock crossed 50 level today itself.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own and not those of Live Hindustan. The information given here is only about the performance of the stock, it is not investment advice. Investing in the stock market is subject to risks and Consult your advisor before investing.)
