Buy NMDC Ltd., target Rs 121.0 : Sameet Chavan

Sameet Chavan of Angel Broking has Buy call on NMDC Ltd. with a target price of Rs 121.0. The current market price of NMDC Ltd. is 107.0. Time period given by analyst is Quarter, when NMDC Ltd. price can reach defined target. Sameet Chavan recommended to keep stop loss at Rs 98.0. After undergoing a lot of pain in the recent years, this stock has finally managed to form a low around Rs.66.45 in the month of February 2016. Since then, we have witnessed a decent recovery in the stock and it is now on the verge of confirming the first sign of strength, which is the ‘Higher Top Higher Bottom’ formation on the weekly chart. “In addition, the ‘RSI-Smoothened’ oscillator has surpassed the 70 mark and is now moving northwards, which we believe would provide an impetus for the next upward leg of the rally,” said Chavan.