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This Midcap Tech Stock Surged 20% In 7 Days; Hit New All-Time Highs For 4 Straight Days

By Staff
|

Affle India's shares have climbed 19.7% in 7 trading days to hit another all-time high of Rs 3,768.85 on Wednesday. The stock had hit the upper circuit for three consecutive trading days till Tuesday and also outperformed the Nifty MidSmallCap 400 index, which has surged 6% in the last 7 days.

The share price has climbed from Rs 3,146 on 20 November to Rs 3,768.85 on 2 December. It has risen 35% in the last one month and 153% since 2 December 2019.

This Midcap Tech Stock Surged 20% In 7 Days; Hit New All-Time High
 

The stock has gained attention for its growth prospects. In the last 4 days, its trading volume has been 44% higher than the monthly average.

Affle India has reported strong earnings for the last three quarters. It is a global technology company with a proprietary consumer intelligence platform that delivers consumer engagements, acquisitions and transactions through relevant mobile advertising. The company's management is expecting a strong uptick in demand from clients in India and abroad and sees accelerated use of mobile apps and internet shopping.

While there could be more upside in the current bull run, experts warn against the risk of purchase at the high price.

"Though, its vertical up move remains the biggest concern for this counter as its price multiplied itself by almost 4 times from March 2020 lows of Rs 899, its recent consolidation breakout on daily charts is pointing towards a bigger target of around Rs 3800 levels," Mazhar Mohammad, Chief Strategist-Technical Research & Trading Advisory at Chartviewindia.in was quoted on Moneycontrol.

"Moreover, the gap-up opening of the last trading session from a minor three-day consolidation is also hinting that this counter resumed its up move," he added.

"Though we advise traders to avoid fresh buying due to high risk and its vulnerability to profit booking anytime, exiting investors can hold with a stop below Rs 3,418 levels on a closing basis and should look for a target of Rs 3,850," he concluded.

Read more about: affle india midcap stocks
Story first published: Wednesday, December 2, 2020, 13:03 [IST]
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