Tamilnad Mercantile Bank Hits 52-Week Low Amidst Bearish Trend and Negative Outlook

Tamilnad Mercantile Bank, a midcap private bank, has recently hit a 52-week low on October 22, 2024. The stock has been on a downward trend for the past two days, with a fall of -1.38% in returns. This is in line with the overall performance of the banking sector.

As of today, the stock is trading at Rs.436, which is its new 52-week low. This is a significant drop from its previous high of Rs. 585. The stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend.

In comparison to the Sensex, Tamilnad Mercantile Bank's performance over the past year has been -25.34%, while the Sensex has seen a growth of 23.31%. This shows that the bank has not been able to keep up with the market's overall performance.

MarketsMOJO has given a 'Sell' call for Tamilnad Mercantile Bank's stock, indicating a negative outlook for the company. Investors should be cautious while considering this stock for their portfolio.

It is important to note that this news article is based on factual information and does not include any speculation or recommendations from experts or investors. As a midcap private bank, Tamilnad Mercantile Bank's performance in the market should be closely monitored by investors.