Essar Shipping's Stock Sees Significant Increase, But MarketsMOJO Gives 'Strong Sell' Rating

Essar Shipping, a smallcap company in the shipping industry, has been making headlines in the stock market recently. The company's stock, which is listed on the Indian stock exchange, has been given a 'Strong Sell' rating by MarketsMOJO.

Despite opening with a gain of 6.24% today, Essar Shipping's stock has been on a downward trend. It hit a new 52-week high of Rs.59.43, outperforming the sector by 5.01%. However, this may not be a cause for celebration as the stock has been on a consecutive gain for the last 3 days, rising 27.41% in that period.

Today, the stock opened with a gap up of 6.24% and reached an intraday high of Rs.59.43, a significant increase of 9.99%. This may seem like a positive sign, but it is important to note that Essar Shipping is currently trading higher than its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.

In comparison to the Sensex, Essar Shipping has outperformed with a 1-day performance of 5.13% versus the Sensex's 0.04%. Over the past month, the company's stock has seen a staggering increase of 99.86%, while the Sensex has only seen a 4.55% increase.

While these numbers may seem impressive, it is important to note that this is not a recommendation to invest in Essar Shipping. MarketsMOJO's 'Strong Sell' rating should be taken into consideration before making any investment decisions. As a smallcap company in the shipping industry, Essar Shipping's stock may be volatile and investors should do their own research before making any investments.