Bank of Maharashtra Surges on Exceptional Volume, Signals Strong Accumulation

Exceptional Volume and Price Action

On 23 Feb 2026, Bank of Maharashtra emerged as one of the most actively traded stocks by volume, with a total traded volume of 82.45 lakh shares and a traded value exceeding ₹58.06 crores. The stock opened at ₹69.36, touched an intraday high of ₹71.24, and was last quoted at ₹70.59, marking a 2.49% gain from the previous close of ₹68.79. Notably, the stock hit a fresh 52-week high of ₹71.19 during the session, underscoring strong bullish momentum.

The day’s price performance outpaced the public sector banking sector, which rose by 1.47%, and the Sensex, which advanced by 0.64%. Over the past two trading sessions, Bank of Maharashtra has delivered a cumulative return of 4.56%, reflecting sustained buying interest.

Technical Strength and Moving Averages

Technically, the stock is trading comfortably above its key moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – signalling a strong uptrend. This alignment of moving averages often attracts momentum traders and institutional investors, reinforcing the positive price trajectory.

Despite the surge in volume, delivery volumes on 20 Feb 2026 stood at 61.1 lakh shares but declined by 23.5% compared to the five-day average delivery volume, indicating some short-term profit booking or trading activity rather than outright long-term accumulation on that day. However, the overall volume spike on 23 Feb suggests renewed accumulation interest.

Fundamental Upgrades and Mojo Rating

Bank of Maharashtra’s mojo score has been upgraded from 75 (Buy) to 87 (Strong Buy) as of 6 Feb 2026, reflecting improved fundamentals and positive market sentiment. The mojo grade upgrade is a significant endorsement, signalling that the stock is expected to outperform peers and deliver superior returns in the near term.

The bank’s market capitalisation stands at ₹54,317.76 crores, placing it firmly in the mid-cap category. Despite this, its liquidity remains robust, with the stock’s traded value representing approximately 2% of its five-day average traded value, making it suitable for sizeable trade sizes up to ₹2.62 crores without significant price impact.

Dividend Yield and Investor Appeal

Bank of Maharashtra currently offers a dividend yield of 3.63%, which is attractive in the public sector banking space, especially amid a rising interest rate environment. This yield, combined with the stock’s recent price appreciation, enhances its appeal to income-focused investors as well as growth-oriented market participants.

The bank’s consistent gains over the last two days and its ability to outperform the sector by 1.93% today highlight strong investor conviction. This is further supported by the stock’s ability to maintain gains above critical support levels, reducing downside risk in the near term.

Accumulation and Distribution Signals

Analysis of volume patterns reveals a clear accumulation phase. The surge in traded volume on 23 Feb, coupled with rising prices, indicates that institutional investors and large traders are actively accumulating shares. This is a classic bullish signal, often preceding sustained upward price movements.

While delivery volumes saw a dip on 20 Feb, the overall trend remains positive, with the stock’s liquidity and volume profile supporting healthy market participation. The combination of strong mojo scores, technical strength, and volume surge suggests that the stock is in a favourable position for further gains.

Sector and Market Context

The public sector banking sector has been gradually recovering, supported by improving asset quality and stable credit growth. Bank of Maharashtra’s outperformance relative to its sector peers and the broader market reflects its improving fundamentals and investor preference for select mid-cap banks with strong growth prospects.

Given the Sensex’s modest gain of 0.64% on the day, Bank of Maharashtra’s 2.66% return is a standout performance, signalling its leadership within the banking space. Investors looking for exposure to public sector banks with strong momentum and solid fundamentals may find this stock particularly compelling.

Outlook and Investor Considerations

With a mojo grade of Strong Buy and a mojo score of 87.0, Bank of Maharashtra is positioned as a top pick within the public sector banking universe. The upgrade from Buy to Strong Buy on 6 Feb 2026 reflects the bank’s improving earnings prospects, asset quality, and market sentiment.

Investors should note the stock’s strong liquidity profile, which facilitates entry and exit without significant price disruption. The current price action, supported by volume surges and technical strength, suggests that the stock could continue its upward trajectory in the near term.

However, as with all banking stocks, investors should remain vigilant to macroeconomic developments, regulatory changes, and sector-specific risks that could impact performance. The bank’s mid-cap status also implies a degree of volatility relative to larger peers, which should be factored into portfolio allocation decisions.

Summary

Bank of Maharashtra’s recent trading activity highlights a compelling combination of strong volume, price appreciation, and fundamental upgrades. The stock’s ability to outperform its sector and the broader market, coupled with a mojo rating upgrade to Strong Buy, positions it as a key stock to watch in the public sector banking space. Investors seeking exposure to a fundamentally sound and technically robust mid-cap bank may find Bank of Maharashtra an attractive addition to their portfolios.

Key Data at a Glance

• Last Traded Price (LTP): ₹70.59
• Day’s High: ₹71.24
• 52-Week High: ₹71.19
• Total Traded Volume: 82.45 lakh shares
• Total Traded Value: ₹58.06 crores
• Market Capitalisation: ₹54,317.76 crores (Mid Cap)
• Dividend Yield: 3.63%
• Mojo Score: 87.0 (Strong Buy)
• Previous Mojo Grade: Buy (Upgraded on 6 Feb 2026)
• Sector 1D Return: 1.47%
• Sensex 1D Return: 0.64%

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