Bombay Burmah Trading share price locked at 20% upper circuit to hit 52-week high

Bombay Burmah Trading Corp share price witnessed a massive surge to hit a 52-week high on Friday. Bombay Burmah Trading shares were locked at 20% upper circuit at ₹1,420.50 apiece on the BSE, which is also its 52-week high price.

Around 1.98 lakh shares of Bombay Burmah Trading Corp changed hands today on BSE. The figure was way more than the two-week average volume of 3,959 shares, according to a Business Today report. Turnover on the counter stood at ₹27.51 crore. 

Bombay Burmah Trading Corp commanded a market capitalisation (m-cap) of ₹9,911.10 crore on BSE.

On the technical charts, the stock has given a breakout above the ₹1,300 zone and the indicates bullish candle pattern.

“The stock with a series of higher bottom formation patterns visible on the daily chart in the past 5-6 months, has given a breakout above the ₹1,300 zone, picking up from the support level of ₹1,160 of the significant 50EMA (Exponential Moving Average) zone, to indicate a strong bullish candle pattern with tremendous volume participation,” said Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher Pvt Ltd.

According to him, with the trend turning strong, further rise can be anticipated for the next target of ₹1,560 levels with support maintained near ₹1,280 and further with strength sustaining can carry on the momentum for next higher target of ₹1,780-1,800 levels for the medium term time frame.

Bombay Burmah share price has witnessed a decent growth this year. The stock has rallied over 20% in one month and more than 28% in the last three months. Bombay Burmah Trading shares are up over 56% year-to-date (YTD) and over 58% in the last one year.  

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