NMDC Limited (NMDC) Stock - Complete Technical Analysis - Dec 13, 2024

NMDC Technical Analysis: Key Support, Resistance & Trading Insights for 2024 Must Watch

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

NMDC Limited (NMDC) stock is currently priced at 234, which is approximately 18.38% lower than its 52-week high of 286.35, reached in May 2024. The stock is also 29.92% higher than its 52-week low of 179.9 from December 2023. This provides a good context for understanding the stock's current positioning and potential for movement.

Looking at the recent price action, the stock has been facing resistance near the 240-245 range, with a recent pullback seen on December 13th, where it closed at 233.73 after reaching a high of 238.50. This suggests that unless the stock breaks through this resistance, it may struggle to move higher in the short term.

Support is identified around 230, with recent lows of 229.21 confirming this level as a strong zone. If the stock continues to hold above this level, it may attempt a recovery toward 240 or even 245. However, a drop below 230 would likely indicate further downside risk.

The Average Directional Index (ADX) at 16.4 indicates weak trend strength, which means the stock is in a range-bound phase. The Relative Strength Index (RSI) of 51.64 supports this, as it signals that NMDC is not overbought or oversold. The Stochastic Oscillator and MACD, while showing slight bullish tendencies, suggest that there isn't a strong trend in either direction at the moment.

For traders, the focus should be on the critical support at 230 and resistance at 240-245. If the stock can break above 245, it could signal a potential move higher. However, with a relatively low ADX, it's important to be cautious of price fluctuations. The ATR, which is showing moderate volatility, implies that there could be sudden movements in either direction. Keep an eye on these levels for a clearer directional move.