NMDC stock may offer investors up to 14% returns on upside potential to gain in the coming days, Prabhudas Lilladher said in a research note citing technical indicators. “The RSI has recently shown a trend reversal signaling a buy and hence is supporting our view of a positive bias,” said the note. The brokerage report recommended investors to buy the NMDC shares with a target price of Rs 125, nearly 14.67% higher than the current market price of Rs 109. The brokerage report said the call is valid for 60 days.
Potential and strength to continue the gain
The report pointed out the recent correction in the NMDC stock prices and said that “NMDC has witnessed a decent correction from its high of 131 and taken support around 103, which is a 50% retracement of the fall.”
The report additionally highlighted the strong potential and strength of NMDC stocks in the coming days by referring to the double bottom formation near the retracement level made for the recovery. The report recommended that investors buy NMDC shares with an upside target of Rs 125. However, it advises investors to exercise caution and set a stop loss at Rs 100 to manage potential risks.
NMDC technical stock call: Chart showing 200 MA, 50 EMA
NMDC stock performance
NMDC’s market cap stands at Rs Rs 32,764 crore. The stock touched a 52-week high of Rs 147.45 on 11 Oct 2022, whereas a 52-week low of Rs 92.25 on 27 Oct 2022. NMDC’s share price gained 2.4% in the last week and 1.9% in the last month. It has fallen 14.3 % in the last 6 months and has gained 6.7% in the last year.