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.

交易進行

NMDC CMP 227

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

交易結束：達到停損點

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

交易進行

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

SL 255
Holding for target 230 - 223

交易進行

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

交易結束：目標達成

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.