Permanent Magnets Ltd Stock Surges 10.12% in 2 Days, But Receives 'Strong Sell' Rating

Permanent Magnets Ltd, a smallcap engineering company, saw a significant increase in its stock price on May 17, 2024. The stock gained 10.12% and closed at Rs. 1165. This performance was higher than the overall sector, as the stock outperformed the sector by 9.77%.

According to MarketsMOJO, a leading stock analysis platform, the stock has been given a 'Strong Sell' call. This indicates that the stock may not be a good investment option at the moment.

The stock opened with a loss of -3.81% today, but quickly recovered and touched an intraday high of Rs. 1214, which is a 12.82% increase from the previous day's closing price. However, the stock also touched an intraday low of Rs. 1031, showing high volatility with an intraday range of 8.15%.

In the last 2 days, the stock has been on a consecutive gaining streak and has risen by 11.01%. This is a positive sign for investors, but it is important to note that the stock is still trading below its 100-day and 200-day moving averages.

In comparison to the overall market performance, Permanent Magnets Ltd has outperformed the Sensex by 10.81% in the last 1 day and has underperformed by -4.88% in the last 1 month. This indicates that the stock may not be performing as well as the overall market.

Overall, Permanent Magnets Ltd has shown a strong performance in the last 2 days, but it is important for investors to consider the 'Strong Sell' call given by MarketsMOJO and the stock's volatility before making any investment decisions.