Buy MCX, target Rs 1100: Tejas Shah

Tejas Shah, senior technical analyst at Edelweiss recommends a buy on MCX with a target price of Rs 1100 and a strict stop loss placed at Rs 968. The stock has gained 10 per cent so far in the calendar year 2016. The stock is looking bullish on the charts.

MCX is a low beta stock (0.93) and is trading well above its 50-day, 100-day and 200-day moving average of Rs 945.33, Rs 880.56 and Rs 880.35, respectively, as per data collated by ETMarkets.com. The stock is trading with a P/E of 124 and P/B of 3.75.