Traders can sell the stock after some technical bounce-back around Rs 118-120 with a stop loss above Rs 124 (closing basis) for the target of Rs 107.
Moneycontrol News
Abhishek Mondal
On daily charts, NMDC price is trading below its head and shoulders neckline of Rs. 115-116 levels with moderate volumes. The Daily Relative Strength Index (RSI) is showing a downward momentum and the MACD is trading below zero line with negative cross whereas (-) DI continuously trading above (+) DI from last eight trading days.
Based on the above observations the stock is likely to move down in the near term. Traders can sell the stock after some technical bounce-back around Rs 118-120 with a stop loss above Rs 124 (closing basis) for the target of Rs 107.
Disclaimer: The author is Research Analyst, Guiness Securities. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions