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Technical Observations

* The share price of NMDC has formed a potential triple bottom at the 52 weeks EMA and the 80% retracement of the preceding up move (|122-213). We expect the stock to resume up move after the current higher base formation thus offers fresh entry opportunity

* We expect the stock to head higher towards |156 levels in the coming weeks being the 80% retracement of the preceding decline (|160-133)

* The stock has already taken six months to retrace just 80% of its preceding two months rally (| 122-213). A shallow retracement signals a shallow retracement and a higher base formation

* The weekly 14 periods RSI is at the cusp of generating a buy signal moving above its nine periods average thus validates positive bias.

Buy National Mineral Development Corporation Ltd @ 141.00-144.00 TGT 156 SL 135

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