Buy NMDC, target Rs 108: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "NMDC has a history of underperformance, in fact we saw the stock took support in the recent carnage. The level coincided with the lows of August 2013 and after that the stock has been consolidating at lower levels. If you look at the charts closely, we can see that NMDC is making all the right bullish pattern because it is going through a phase of bottoming out.""I believe that in today's trade, it has gone up by four percent. We are going to see more upside going ahead because once the momentum this counter picks up it will not come to an end very quickly. Buy this counter for a target of Rs 108," he added.