Stop Loss: Rs 69
Target: Rs 75-78
NMDC closed at 71.91, up by 0.47 points (+0.66%), registering a breakout from a Adam & Eve pattern supported by above-average volumes, indicating strong accumulation interest. The stock is trading above all key EMAs additionally all of which are seen to be consolidating in a narrow range, preparing for a decent directional move. RSI is placed at 62.10, suggesting strength in momentum, while ADX at 11.30, though still low, is gradually picking up, hinting at a strengthening trend. The neckline breakout around 70.5–71 confirms bullish intent, with potential upside levels at 75 and 78, and immediate support near 69.
(Drumil Vithlani, Technical Research Analyst at Bonanza)
