Multi Commodity Exchange of India (MCX) outperformed Nifty in the last week as well as the last month.
In the last couple of trading sessions, it’s up 11.5 percent from the lows to the highs. A weekly change has been about 7 percent gain versus Nifty gain of 9 percent and monthly change is about 5.6 percent gain versus 7 percent gain on the Nifty.
The daily trading volume has increased by 6.5 times to about Rs 258 crore as of Wednesday, July 14. The delivery volume was about 23.2 percent.
Therefore, the technical level at which the stock is priced, it’s just above 200-day moving average (DMA). So, it saw some pullback from the highs of Rs 1,650 on Wednesday, and there is the likelihood that it may cross 200 DMA given the fact that it managed to close above that level.
Motilal Oswal has a target price of Rs 1,830 on the stock.
Watch the accompanying video of CNBC-TV18’s Abhishek Kothari for more details.