NMDC is engaged in exploration and production of Iron Ore along with Diamond, production and sale of Sponge Iron and generation and sale of Wind Power.
This PSU stock has given great returns to investors as well as traders in last one year.
Although there exists so many positive talks about NMDC's volume growth, sales growth & capacity enhancement etc. which are fundamentally good but I think trend is changed in NMDC.
This stock was buy on dips since May-June 2023 but right now as per technical chart & price action, I think trend is changed from buy on dips to sell on rise.
I will find opportunity to sell it on each rise until it breaks 235-240 level.
So, Is it still buy on dips or has become sell on rise?
Only time will tell!
P.S. : This stock is on my main watchlist for a short trade.
Trade active
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NMDC CMP 227
Taking short positions in April futures. will add more if 230 comes & hold with 233 SL.
Trade closed: stop reached
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SL was reached so trade close at 233. Forgot to update here.
Trade active
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NMDC CMP 245 Shorting futures here. I will add more at 251-252
SL 255 Holding for target 230 - 223
Trade active
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CMP 234 11 rupees in profit. Holding with CTC SL.
Trade closed: target reached
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230 target reached on 19th April. Forgot to update here. Hence updating today. 15 rupees profit booked in future.
@esoabir Nothing to do now. I have taken already SL at 233. Now I will short again at 248-250 with 255 SL. Btw this move happened because of global commodities news flow. You must check MCX and Global Commodities charts and you’ll get to know why NMDC & metal stocks are rallying. Well, If you’re trapped you can consider shorting more at 248-250 with strict SL of 255.