Can I enter NMDC at the current levels?
AVOID NMDC FOR NOW
NMDC India is currently trading at Rs 127. Its 52-week high/low stand at Rs 152.50/ Rs 102.80 made on March 2, 2017 and June 27, 2017 respectively. Considering the daily time frame, the stock retraced yet again at it major resistance level of Rs 140 on September 8, 2017 and witnessed a sharp fall thereafter. Recently, the stock is seen consolidating for nearly a month. Barring the October 25 session, the volumes have been low with the 14-period RSI quoting at 45, which suggests lack of momentum. Moreover, the stock may see some more downside below Rs 118-115 levels. The levels of 125-128 on a closing basis may give some reversal in the stock. Hence, we suggest you to avoid entering at these levels.