Can I en­ter NMDC at the cur­rent lev­els?

Flash News Investment - - YOUR TECHNICAL PORTFOLIO GUIDE - - Jayaprakash E C


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.

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