The stock’s 14-day relative strength index (RSI) is 46.73. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Shares of Mercury EV-Tech, a player in the electric vehicle sector, are in focus today after the company shared details of its expansion in South India. The counter opened gap up post this update, even as benchmark indices dropped in the opening session. The counter opened at Rs 42 against the previous close of Rs 41.15 and jumped further to touch the high of Rs 43.85, a gain of 6.56 per cent from the last closing price. However, it fell later amid profit booking and touched a low of Rs 38, a dip of 7.65 per cent. Last seen, the counter was trading at Rs 39.90, and the company’s market cap stood at Rs 757.99 crore. Technically, the stock trades higher than the 5-day moving average but lower than the 20-day, 50-day, 100-day and 200-day moving averages.
The scrip has a 52-week high of Rs 103.10 and a 52-week low of Rs 36.90. The stock’s 14-day relative strength index (RSI) is 46.73. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Company expands footprint
The company has announced in its latest exchange filing that it is expanding its network in South India with the opening of three new showrooms under the dealership model. According to exchange filings, the opening of these showrooms is part of the company’s expansion strategy. This is expected to further strengthen Mercury EV-Tech’s presence and reach in the market.
Over 6500% return in 5 years
According to BSE Analytics, the company’s stock has risen by over 2 per cent in the past week and fallen by over 6 per cent in the past month. The stock has fallen by 60 per cent in the past year.
However, the stock has gained over 503 per cent in the past three years and over 6667.80 per cent in the past five years.
Meanwhile, Equity benchmark indices Sensex and Nifty declined on Tuesday morning as foreign fund outflows dampened investors’ sentiment.
In a highly volatile trade, the 30-share BSE Sensex dropped 124.95 points to 84,775.76 in early trade. The 50-share NSE Nifty declined 35.35 points to 25,924.15.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
