mcx stock target: Stock Radar: MCX pares gains after a near 40% rally in 3 months; should you buy the dip?


The Multi Commodity Exchange of India Limited (MCX), India’s first listed commodity derivatives exchange, facilitates online trading of commodity derivatives, thereby providing a platform for price discovery and risk management.

Synopsis

The MCX stock hit a record high of Rs 3,343 on December 8, 2024, but failed to hold on to the momentum. It found support above the 50-DMA on the daily charts earlier in January and bounced back. It looks like the stock has formed a strong base above 3,000 level and traders can take advantage of the momentum, which could push the stock to a fresh record high in the short- to medium-term, suggested experts.

Multi Commodity Exchange (MCX), a part of the financial services sector, has rallied by about 40% in the last 3 months but is still trading above crucial support levels, which suggests that bulls are here to stay.Short-term traders can look to buy the stock on dips for a target of Rs 3,400-3,500 in the next 3-4 weeks, suggested experts.The MCX stock rose from Rs 2,320 on October 20, 2024, to Rs 3,185 recorded on 20th January 2024, which

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