{"id":6448,"date":"2022-01-17T18:12:45","date_gmt":"2022-01-17T12:42:45","guid":{"rendered":"https:\/\/www.tickertape.in\/blog\/?p=6448"},"modified":"2022-01-17T18:25:36","modified_gmt":"2022-01-17T12:55:36","slug":"nmdc-technical-analysis","status":"publish","type":"post","link":"https:\/\/www.tickertape.in\/blog\/nmdc-technical-analysis\/","title":{"rendered":"NMDC: Will This Public Enterprise Super-Perform During the Upcoming Metal Rally?"},"content":{"rendered":"\n<p><em>This article is authored by Kunal Rambhia, a fund manager at The Streets. He has been in the <a href=\"https:\/\/www.tickertape.in\/blog\/what-is-equity\/\">equity<\/a> market since 2010, performing various roles such as Associate Research Analyst, Research Analyst, and Associate <a href=\"https:\/\/www.tickertape.in\/blog\/portfolio-manager\/\">Portfolio Manager<\/a>. He has media appearances with CNBC and ET NOW. Kunal is also a visiting faculty in multiple colleges.<\/em><\/p>\n\n\n\n<p>Friends, herein I share my technical view on <a href=\"https:\/\/www.tickertape.in\/stocks\/nmdc-NMDC?checklist=basic&amp;utm_source=blog&amp;utm_medium=gart&amp;utm_campaign=kunram\" target=\"_blank\" rel=\"noreferrer noopener\">NMDC<\/a>.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tickertape.in\/blog\/nmdc-technical-analysis\/#Monthly-Chart-Consolidation-and-Volume-activity\" title=\"Monthly Chart: Consolidation and Volume activity\">Monthly Chart: Consolidation and Volume activity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tickertape.in\/blog\/nmdc-technical-analysis\/#Monthly-Line-chart-with-Wolfe-wave-formation\" title=\"Monthly Line chart with Wolfe wave formation\">Monthly Line chart with Wolfe wave formation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tickertape.in\/blog\/nmdc-technical-analysis\/#Weekly-chart-with-price-action-Fibonacci-and-RSI\" title=\"Weekly chart with price action, Fibonacci and RSI\">Weekly chart with price action, Fibonacci and RSI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tickertape.in\/blog\/nmdc-technical-analysis\/#Ratio-chart-of-Metal-index-and-NMDC\" title=\"Ratio chart of Metal index and NMDC\">Ratio chart of Metal index and NMDC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tickertape.in\/blog\/nmdc-technical-analysis\/#Daily-chart-with-price-action\" title=\"Daily chart with price action\">Daily chart with price action<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tickertape.in\/blog\/nmdc-technical-analysis\/#Putting-it-all-together\" title=\"Putting it all together\">Putting it all together<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Monthly-Chart-Consolidation-and-Volume-activity\"><\/span><strong>Monthly Chart: Consolidation and Volume activity<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/BvAmTEmnYFaqDTXSHnk7-3DMlj5cLaQT0IAUPAImrcVmUg5vIb4Nce8YK1imwD06Aio53xQGnyWojnvW6oeeSeW2qEyuIgXc4fjx64Q4ZxkMWJ5mkfirkc_fdIg6M-lOA-t7-QBx\" alt=\"\"\/><\/figure>\n\n\n\n<p>Since 2012, NMDC has remained within broader consolidation. So far, 121 mth consolidation is highlighted on the chart. Entire consolidation is seen as a broader curve formation. As the curve is nearing the end, the judgement of the same can be taken from <a href=\"https:\/\/www.tickertape.in\/blog\/volume-in-stock-market\/?utm_source=blog&amp;utm_medium=gart&amp;utm_campaign=kunram\">volume activity<\/a> (highest monthly volumes since the inception of the stock). This is the time to look at the counter positionally.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Monthly-Line-chart-with-Wolfe-wave-formation\"><\/span><strong>Monthly Line chart with Wolfe wave formation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/ppqF0h4wQ5NfZAXAmaMiZruc3kahlh0t1FqzVfuzwIRMdJfDnPSVDQPEQggyvcGYQxs3_dEru5-vRRjBTmxIdcHSPPLURAlQYjfmguOINvWuSad8C6N_OlMDWqIK2gUrxb9UyVx7\" alt=\"\"\/><\/figure>\n\n\n\n<p>Wolfe wave study has price and time predictive capacity. Though one needs to remember the probability while dealing with predictability theories. As per the structure, the Wolfe wave has 5 touchpoints. Decent volumes are confirming wave 5 being over. Trendline 1-4 decides the target and convergence of trendlines decides timeframe. External price plotting, inside plotting and breakout of falling wedge, all confirms Wolfe wave pattern presence. The structure here is highlighting a target of 265 in 2 yrs.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Weekly-chart-with-price-action-Fibonacci-and-RSI\"><\/span><strong>Weekly chart with price action, Fibonacci and RSI<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/fiZ3oAmdrHt2ytfSpKw7AVan4peMXxvzwkXVfXcXxs_6XYIxSm9h9mqlNCAocZZKzQuuGWeM1xJwrRuHG-cvNEyosnq5nqW-hMrDlYRbMQntCxj0w29ns6_1EEhKrmXDRKpbW2gK\" alt=\"\"\/><\/figure>\n\n\n\n<p>After a massive runup in recent times, price retraced back to lower zones. The decline halted exactly at the 61.8% retracement level of the last swing. A smaller down channel is seen nearing end. <a href=\"https:\/\/www.tickertape.in\/blog\/relative-strength-index\/?utm_source=blog&amp;utm_medium=gart&amp;utm_campaign=kunram\">RSI<\/a> has been consolidating during the channel formation and is now crossing 50 on upside, showing that the counter is gaining strength. The entire set up on a weekly timeframe is very encouraging.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ratio-chart-of-Metal-index-and-NMDC\"><\/span><strong>Ratio chart of Metal index and NMDC<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/MLNXzj6ced-n25Vu4RYign75BVu_6G5oZVUGV1JylVGPz_QigbcHopY29uLmGa4FX1iVS4u2z-Dcee57LZcVKwanqJgf60217QT59JCzkl0mA2u_1ZsDjGHHTYqv-P4IHHUX-nEy\" alt=\"\"\/><\/figure>\n\n\n\n<p>Ratio chart is clearly forming a rising wedge and the price seems to be losing momentum. RSI is also showing negative divergence alongside rising wedge, highlighting the possibility of chart weakness going forward.<\/p>\n\n\n\n<p>Ratio chart being weak highlights possible outperformance by NMDC over the <a href=\"https:\/\/www.tickertape.in\/indices\/nifty-metal-index-.NIFTYMET?utm_source=blog&amp;utm_medium=gart&amp;utm_campaign=kunram\" target=\"_blank\" rel=\"noreferrer noopener\">Metal index<\/a> going forward. One should wait for the breakdown confirmation to confirm the final judgement.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Daily-chart-with-price-action\"><\/span><strong>Daily chart with price action<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/Y7Y-BAwzo5wmVxMNEC7BcPm3lClwX5s8zRKna63IJb5LOjoIlV1y_P9a37hDfO-BMWdENsn7HSCCZq1idTrXugJa5dvJr60ll_a0yrZHKKBYB4T57qooHvbCRS6kN51May2m1GXt\" alt=\"\"\/><\/figure>\n\n\n\n<p>On the daily chart, falling wedge formation is seen. The first confirmation has been on the pattern breakout. One can eye on final confirmation above horizontal resistance breakout zone of 150.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Putting-it-all-together\"><\/span><strong>Putting it all together<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Monthly broader price consolidation, positional Wolfe wave formation with volume activity, weekly price action with the Fibonacci retracement of 61.8% with consolidating RSI and daily chart with falling wedge pattern; all observations are highlighting good time waiting for the counter. Ratio chart is highlighting possible outperformance compared to the Metal <a href=\"https:\/\/www.tickertape.in\/blog\/stock-market-index\/\">index<\/a>. Kindly note that the observation is taken on a higher timeframe and so a positional approach is must.<\/p>\n\n\n\n<p><em>Statutory Disclosure:<\/em> <em>Kindly note that this update is only for educational purpose. It is safe to assume that my personal position, my fund&#8217;s position, and my client&#8217;s, as well as relative&#8217;s position, may be open in the counter. Prefer to take the advice of your financial advisor before initiating any position.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kunal Rambhia, Fund Manager at the Streets, shares his positional views on NMDC on different timeframes.<\/p>\n","protected":false},"author":73,"featured_media":6464,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[9,1749],"tags":[1186,1127,297],"acf":[],"modified_by":"Aradhana Gotur","jetpack_featured_media_url":"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2022\/01\/Blog-17-Jan-01-scaled.jpg?wsr","_links":{"self":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/6448"}],"collection":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/users\/73"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/comments?post=6448"}],"version-history":[{"count":3,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/6448\/revisions"}],"predecessor-version":[{"id":6465,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/6448\/revisions\/6465"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media\/6464"}],"wp:attachment":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media?parent=6448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/categories?post=6448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/tags?post=6448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}