MMTC snaps four-day rising streak

MMTC tumbled 7.32% to Rs 24.05, snapping its four days winning streak amid profit booking.

MMTC jumped 30.73% in four days to Rs 25.95 on 14 December 2020 from its closing low of Rs 19.85 on 8 December 2020.

The counter hit a 52-week high of Rs 26.20 in the previous trading session. From its 52-week low of Rs 9.9 hit on 26 March 2020, the counter has jumped nearly 143%.

On the technical front, the stock's RSI (relative strength index) stood at 70.571. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading above its 50-day and 100-moving average (DMA) placed at 17.73 and 18.06 respectively.

MMTC is a trading company. The firm's segments include precious metals, metals, minerals, coal & hydrocarbon, agro products and fertilizers. The company is involved in the import of gold, silver, platinum, palladium, rough diamonds, emeralds, rubies and other semi-precious stones.

As of 30 September 2020, the Government of India held 89.93% stake in the company.

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