Nmdc a short for global iron ore prices
Nmdc stock has been correcting sharply since the iron ore prices more than halved in NYMEX. Currently iron ore prices are trading near a psychological range of 100$ and NMDC is consolidating between 140 & 160 levels. The correction from 200 levels and stock comfortable trading below 90 day Exponential moving average confirms our view . At current stage one should look to short NMDC for a tgt price of 120 and be keeping a stop loss at 155 .
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