Shares of Motilal Oswal Financial Services Ltd (MOFSL) saw a sharp uptick in Tuesday's trade to scale their fresh record highs. The stock jumped 14.07 per cent to hit a lifetime high value of Rs 941.70. It was last seen trading 13.54 per cent up at Rs 937.30. At this price, the multibagger scrip has rallied 197.74 per cent on a year-to-date (YTD) basis.
The counter saw high trading volume on BSE as around 4.61 lakh shares were changing hands at the time of writing this story. The figure was way more than the two-week average volume of 85,000 shares. Turnover on the counter came at Rs 41.56 crore, commanding a market capitalisation (m-cap) of Rs 55,308.26 crore.
On technical setup, the brokerage's stock looked 'bullish' but 'overbought' on daily charts. An analyst advised against fresh buying at the current market price while another suggested booking profits.
"The stock has been trading in an uncharted territory. Fresh buying is not advised at current levels. Those holding can continue with their positions for a further upside target price of Rs 1,015 in the near term," Kkunal V Parar, Vice-President of Technical Research and Algo at Choice Broking, told Business Today TV.
"Motilal Oswal stock price is bullish but also overbought on daily charts with next resistance at Rs 942. Investors are advised to keep booking profits as a daily close below support of Rs 864 could lead to a downward target of Rs 695 in the near term," said Sebi-registered research analyst AR Ramachandran.
The scrip traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 75.52. A level below 30 is defined as oversold while a value above 70 is considered overbought.
As per BSE, MOFSL's stock has a price-to-equity (P/E) ratio of 28.62 against a price-to-book (P/B) value of 8.33. Earnings per share (EPS) stood at 28.84 with a return on equity (RoE) of 29.11. Promoters held a 69.04 per cent stake in MOFSL as of the June 2024 quarter.