GMDC

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I am hold­ing NMDC bought at Rs 123. What should be my next ac­tion?

- Jayesh Jain

HOLD GMDC WITH A STOP LOSS BELOW RS 113 CLS.

GMDC is cur­rently trad­ing at Rs 114.15. Its 52-week high/low stand at Rs 181.20/Rs 102 made on Oc­to­ber 27, 2017 and June 28, 2018 re­spec­tively. The stock was seen fall­ing since end of Oc­to­ber 2017 with lower tops and lower bot­toms. The stock made a triple bot­tom-like pat­tern at Rs 102-103 lev­els on the daily time frame dur­ing June 6, June 29 and July 17 and thereby wit­nessed a rise of up to Rs 123 above its 50 and 100-day EMAs, but it wit­nessed a correction of up to 50% re­trace­ment of the move from Rs 102 to Rs 123. The stock is trail­ing at those lev­els and may see some up­side as ris­ing vol­umes and the 14-pe­riod RSI above 55 sug­gests an up­side mo­men­tum. We sug­gest you to hold the stock with a stop loss of Rs 113.

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