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.
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).
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.