Apr 15, 2013, 05.19 PM IST | Source: CNBC-TV18

Buy NMDC around Rs 125, says Bothra

Kunal Bothra of LKP is of the view that one can buy NMDC around Rs 125.

Kunal Bothra of LKP is of the view that one can buy NMDC around Rs 125.

Bothra told CNBC-TV18, "If you look at NMDC the first sense which you get when you look at the charts the downtrend seems to be resuming from hereon. The stock consolidating or trading in this range of Rs 120-130 range for the next one week or 10 days, 10 trading sessions. If that happens that could form a very good base over here."

He further added, "Even on a move today where it is up 2-2.5 percent there is not even an indication from the volume happening. The volumes today are even lesser than the last couple of days. So there is no real trigger as such that the uptrend is probably going to start or the downtrend is ended. I would wait for the stock consolidate around Rs 125-130 range as I mentioned. If that happens for one week or 10 days then it could become a very good buy on the upside."

Disclosure: No personal holdings in any of the stocks, but at LKP we keep recommending these stocks to our clients.

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