TradingSutra

NMDC: DIWALI PICK (INVESTMENT)

Long
NSE:NMDC   NMDC LTD
After a long term downtrend , Stock has given a breakout from an Ending Diagonal Structure which suggests that the previous trend is over & a new trend is developing . With the formation of HH HL in an impulsive manner we can say that stock has turn around & is ready to move up. Stock has made a high of 213 breaking all the previous resistance in the zone of 190-205 & the nature of the rise is clearly impulsive. From the highs of 213 stock as corrected 50% & right now trading near the level of 142. One should go long on the current levels and add on dips (if any) . Keeping Sl of 100 one should look for the target of 245/305/375.




Manish Bhardwaj
Analyst & Co-Founder
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