TREND CHANGED IN NMDC - FROM BUYING ON DIPS TO SELL ON RISE ?

NMDC is engaged in exploration and production of Iron Ore along with Diamond, production and sale of Sponge Iron and generation and sale of Wind Power.

This PSU stock has given great returns to investors as well as traders in last one year.

Although there exists so many positive talks about NMDC's volume growth, sales growth & capacity enhancement etc. which are fundamentally good but I think trend is changed in NMDC.

This stock was buy on dips since May-June 2023 but right now as per technical chart & price action, I think trend is changed from buy on dips to sell on rise.

I will find opportunity to sell it on each rise until it breaks 235-240 level.

So, Is it still buy on dips or has become sell on rise?

Only time will tell!


P.S. : This stock is on my main watchlist for a short trade.

Dagangan aktif:

NMDC CMP 227

Taking short positions in April futures.
will add more if 230 comes & hold with 233 SL.

Dagangan ditutup: hentian tercapai:

SL was reached so trade close at 233.
Forgot to update here.

Dagangan aktif:

NMDC CMP 245
Shorting futures here.
I will add more at 251-252

SL 255
Holding for target 230 - 223

Dagangan aktif:

CMP 234
11 rupees in profit. Holding with CTC SL.

Dagangan ditutup: sasaran tercapai:

230 target reached on 19th April. Forgot to update here. Hence updating today. 15 rupees profit booked in future.

Will plan to short again in 245-247 range.