NMDC shares have once again reached ₹80. Will a breakout occur in a year?

News Topical, Digital Desk : December 22nd was a strong day for IT and metal stocks in the stock market. However, the Nifty Metal Index has been steadily rising over the past few days and is trading at a key level. All stocks in this sector are seeing strong gains, with public sector company NMDC seeing strong buying interest. Significantly, NMDC shares are again trading at the crucial level of ₹79-80. Experts believe that if this metals sector stock breaks this level, it could see a significant rally.

What is the important level for NMDC shares?

Shares of National Mineral Development Corporation (NMDC) saw a significant rally on December 12th, closing with a gain of approximately 3.50% that day. This upward trend continued on December 15th, but subsequently declined to Rs 76. However, on December 22nd, the stock closed at Rs 78.52. Jigar S Patel, Senior Equity Research Manager, Anand Rathi Investment Services, said, "The ₹76 level is a crucial support level for NMDC shares, while the ₹79 level is the strongest resistance. If the stock price moves above ₹79, it could see a significant rally, and a target of ₹82 is possible."

Will the Nift Metal Index rise further?

Meanwhile, NMDC shares are also receiving support from the Nifty Metal Index. This index of metal stocks closed at 10,669 on December 22nd, up nearly 1.5%. Jigar Patel said that the index has strong support at the 10,650 level, and if it breaks the key resistance level of 10,725, it could reach the 10,850 level.

Better closing after one year

NMDC shares closed above ₹78 on the weekly candle after a year, a positive sign for the stock's growth. Previously, NMDC shares closed above ₹79.55 in November 2024. Subsequently, the shares touched ₹79 and ₹80 levels, but closed below ₹78 on a weekly basis.

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