Eid Pick 2025 : National Mineral Development Corporation Ltd for Target Rs.79.5 - Choice Broking
National Mineral Development Corporation Ltd
Buy National Mineral Development Corporation Ltd @ 69.1 & Upto 67 for the Target of 79.5
NMDC is currently trading at 69.1 and has recently broken out from a long consolidation range on the daily chart. The stock is consolidating near support with significant volume, indicating strong buying interest. A close above 70 could confirm a breakout, with potential upside targets of 79.5 in the short to mid-term. Any dip near 67 can be considered a buying opportunity.
The immediate resistance levels are at 73 and 75, where short-term gains can be booked. Momentum indicators support this bullish outlook, with the RSI at 57.7 trending upward, signaling increasing buying strength. The Stochastic RSI has also shown a positive crossover, reinforcing the potential for further gains.
On the weekly chart, the price has given a crossover of key exponential moving averages (20, 50, and 100), further confirming bullish momentum.
The 64 level is a crucial support zone. A breakdown below this level could indicate weakness, requiring a reassessment of the holding strategy and potential adjustments based on market conditions.
With strong technical support and improving momentum, traders can look to buy at the current level and add on dips up to 67. A sustained move above 70 would provide confirmation for higher targets of 79.5.
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