MCX - a pick can give returns in a week

CMP             :        RS 1345 (17.07.2020)

Target          :        Rs 1450

Period          :        1 Week

SL               :        Below Rs 1280

About MCX:

Multi Commodity Exchange of India Ltd., incorporated in the year 2002, is a Mid Cap company (having a market cap of Rs 6859.79 Crore) operating in Financial Services sector.

Multi Commodity Exchange of India Ltd. key Products/Revenue Segments include Fees & Other Charges which contributed Rs 286.47 Crore to Sales Value (96.01 % of Total Sales) and Other Operating Revenue which contributed Rs 11.88 Crore to Sales Value (3.98 % of Total Sales)for the year ending 31-Mar-2019.

For the quarter ended 31-03-2020, the company has reported a Consolidated sales of Rs 105.28 Crore, up 17.93 % from last quarter Sales of Rs 89.27 Crore and up 33.03 % from last year same quarter Sales of Rs 79.14 Crore Company has reported net profit after tax of Rs 65.54 Crore in latest quarter.

Technical Trends:

• Stock has given symmetrical triangle pattern breakout on two hourly chart with good volume. 

• Prices are trading above ichimoku clouds on longer time frame as well which shows trend is up. 

• Momentum indicator RSI and MACD also showing positive momentum.

Recommendations: Buy for short term gains of a week.

Note: The analysis is based on the information received from the company fundamentals and its technical trends. Investing in securities always depending upon the market conditions and risk. 

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