May 26, 2017
NMDC (NSE Cash)
BUY
` 106
` 113 - 114
` 129
14 - 21 sessions
Monthly Chart
Source: Falcon (Time: 09:40 IST)
Justification:
After a decent rally from `64.50 to `147.85, the stock has started moving in corrective phase. The correction of last three
months should halt at current juncture as the stock is retesting its ‘Falling Trendline’ breakout levels on monthly chart (see
exhibit). The mentioned breakout levels coincides with the 38.20% retracement level (`116) of the mentioned up move and ’20
EMA’ on monthly chart, which is placed around `113.75. Volumes are also comparatively low in the corrective move as
compared to the rally. As far as oscillators reading is concerned, the ‘RSI’ on daily chart is moving in deep oversold territory,
indicating possibility of a reversal in the stock. Hence, we advise traders to buy this stock at current levels and on
declines at `113 for a target of `129 over the next 14- 21 sessions. The stop loss should be fixed at `106.
Jay Kumar Purohit
022-3935 7600 Extn: 6844
1
May 26, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
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