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Investors with a short-term perspective can sell the shares of NMDC at current levels. The stock has plunged 5.6 per cent this week breaching an immediate support at ₹127. Earlier in March, the stock had decisively breached a key support at ₹133, which has turned into a key resistance now. The short-term downtrend has resumed after the stock had tested this resistance last week. The medium-term trend is also down. It trades way below its 50- and 200-day moving averages.
Indicators on the daily chart are featuring in the bearish zone backing the downtrend. Moreover, the weekly indicators also hover in the bearish territory in line with the medium-term downtrend. Outlook is bearish for the stock. The downtrend can continue and the stock can reach our price target of ₹119 and then ₹116.5 in the forthcoming trading sessions. Traders with a short-term view can sell the stock with a stop-loss at ₹127.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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