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.