Maharashtra Seamless shares zoomed 15% today; what technical analysts have to say

Maharashtra Seamless Ltd shares surged 15.39 per cent on Thursday to hit an intraday high of Rs 769. The stock eventually settled 11.21 per cent up at Rs 741.15. At this price, it has slipped 19.14 per cent in the calendar year 2024 so far.

The stock saw high trading volume on BSE as around 6.03 lakh shares changed hands today. The figure was way more than the two-week of 15,000 shares. Turnover on the counter came at Rs 44.44 crore, commanding a market capitalisation (m-cap) of Rs 9,930.79 crore.

On technical setup, a series of support could be seen at Rs 710, followed by Rs 700, Rs 690 and Rs 667 levels. Resistance on the counter may be found in the Rs 770-840 range. An analyst suggested booking profits at current levels.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Support will be in the Rs 700-690 zone. On the higher end, immediate resistance will be at Rs 790."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi, said, "Support will be at Rs 710 and resistance at Rs 770. A decisive move above Rs 770 level may trigger a further upside towards 800. The expected trading range will be between Rs 700 and Rs 800 for the short term."

Sebi-registered research analyst AR Ramachandran said, "Maharashtra Seamless stock price is bullish but also very overbought on daily charts with next resistance at Rs 840. Investors should be booking profits as a daily close below support of Rs 667 could lead to a downward target of Rs 597 in the near term."

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 78.24. A level below 30 is defined as oversold while a value above 70 is considered overbought.

As per BSE, the company's stock has a price-to-equity (P/E) ratio of 11.50 against a price-to-book (P/B) value of 1.70. Earnings per share (EPS) stood at 64.46 with a return on equity (RoE) of 14.79. Promoters held a 68.04 per cent stake in the company as of September 2024.

Meanwhile, Indian equity benchmarks today continued their sharp upward run for the fifth straight session, led by gains in IT, banks, financials, consumer and energy stocks.