stock market today Following strong global cues and trend reversal in the Indian stock market today, Multi Commodity Exchange Or MCX share price rose around 3.50 per cent in this morning’s session. mcx share price today opened with the upper gap around 34 per share and climbed to its intraday high 1313.50, a rise of around 3.50 per cent in the morning trading session. According to market analysts, short-term sentiment for MCX share price rise is mainly on account of JP Morgan Fund buying fresh stake in the company.
According to the information available on BSE websiteJP Morgan Indian Investment Company Mauritius Limited has bought 4,38,160 shares of MCX 1,493.25 per share under ‘S’ category wholesale deal while JP Morgan Indian Investment Trust has bought an equal number of shares through ‘P’ category wholesale deal.
According to stock market experts, the rise in MCX shares is because JP Morgan Funds has bought fresh stake in the company. At a time when FPIs are pulling out money from the Indian stock market, buying JP Morgan’s stake in MCX indicates their firm belief in the stock, which has a near-monopoly in the online trading segment. Market experts say that you can buy this stock for the target of 3-6 months. 1470.
Advising positional investors to buy MCX shares; Mudit Goel, Senior Research Analyst, SMC Global Securities said, “MCX stock is trading with a positive bias. This may test. 1370 each level in the immediate short term. Breaking this barrier could lead to a new rally in the counter.”
Asking positional investors to buy the stock in the short to medium term; Ravi Singhal, Vice Chairman, GCL Securities said, “MCX is a monopolistic business and is expected to benefit from the upcoming NSE IPO as it will increase its valuation. Similarly, LIC IPO is expected to increase the new demat account and will lead to the opening of the new demat account. Maybe. New commodity accounts too. This is going to boost MCX trading volume as well.”
Ravi Singhal of GCL Securities says positional investors can buy this stock with a target of 3-6 months Keeping stop loss at 1470 1224 each level.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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