MMTC Shares Surge 13%: SEBI RA Dhwani Patel Flags ₹88 Target If Momentum Holds

MMTC shares surged 13% on Thursday despite a disappointing performance in its March quarter earnings. 

SEBI-registered analyst Dhwani Patel attributes this to strong investor interest in the stock. 

On the technical charts, Patel notes that MMTC has rebounded from the 38.2% retracement level of its previous fall. This reversal has been supported by increased volumes.

If this momentum continues, Patel sees the stock advancing to the ₹88 level, which coincides with its 50% retracement level.

However, she adds that the stock needs to maintain support of the 20-day Exponential Moving Average of ₹66.5 to sustain this bullish outlook. 

MMTC, a state-run trading firm, posted a 97% drop in net profits to ₹2.23 crore, compared to ₹69.78 crore in the same quarter last year. 

Revenue also saw a steep decline of 64%, falling to ₹0.23 crore from ₹0.64 crore. 

Data on Stocktwits shows that retail sentiment turned more ‘bullish’ from a week ago. 

MMTC shares have rallied 28% over the past week. 

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