The short-term outlook is bullish for NMDC Steel. The upmove in the stock is gaining momentum. The stock surged over 8 per cent on Wednesday and has closed strongly. This has taken the share price well above the key intermediate resistance level of ₹63. This level of ₹63 will now act as a good support. Moving average cross-overs on the daily chart also strengthens the bullish case. NMDC Steel’s share price can rise to ₹80 over the next three to four weeks. Traders can go long now at around ₹66. Keep the stop-loss at ₹58 initially. Accumulate on dips at ₹64. Trail the stop-loss up to ₹69 as soon as the stock goes up to ₹73. Move the stop-loss further up to ₹72 when the price touches ₹76. Exit the long positions at ₹79.
Today’s Stock Recommendation: 12th April 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)