PL Technical Research: Buy NMDC LTD - Technical Pick

PL Technical Research: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt.

BUY NMDC CMP: 109 TRGT: 125 SL: 100 - TECHNICAL PICK - NMDC has witnessed a decent correction from its high of 131 and taken support around 103, which is a 50% retracement of the fall. It has also formed a double bottom formation near the retracement level to make a recovery, showing potential and strength to gain further in the coming days. The RSI has recently shown a trend reversal signaling a buy and hence is supporting our view of a positive bias, we recommend a buy in this stock for an upside target of 125, keeping a stop loss of 100.