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GMDC, NMDC are the top picks of technical analyst Mehul Kothari


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GMDC



BUY


Buy near Rs 156


Target: Rs 168


Stop Loss: Rs 150


After a fabulous rally of more than 250 per cent from the lows of Rs 70, the stock GMDC has corrected 61.8 per cent. Post which, the stock consolidated and confirmed a range breakout in recent trading session.


The Price action indicates the stock is about to resume its upside rally. Thus, we advise traders to buy the stock on dips near Rs 156 for an upside target of Rs 168 in the coming sessions.


NMDC


BUY


Buy near Rs 105


Target: Rs 114


Stop Loss: Rs 100


Similar to other Metal stocks, NMDC seems to be prepared for a sharp bounce. On the daily chart we are witnessing a double bottom formation near Rs 100 mark.


Also, we have a range breakout on intraday chart along with positive placement of RSI 14.


Thus, we advise traders to buy the stock on dips near Rs 105 for an upside target of Rs 114 in the coming sessions.


(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).

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