NMDC looks to be setting up for a potential impulsive rally after completing a corrective wave. The structure suggests strength, with protective levels clearly defined.
🧩 Elliott Wave Structure
• We can see a completed 5-wave move up earlier this year (Wave 1).
• That was followed by a healthy correction (Wave 2), which retraced close to 50% of Wave 1 — a textbook retracement zone.
• Now, price action is forming a new Wave 3 setup, which tends to be the strongest move in Elliott Wave cycles.
📈 Key Levels to Watch
• Current Price: ₹75.87
• Immediate Support: ₹73.60 – ₹73.37 zone
• Protective Stop: ₹71.45 (below recent swing low, Wave 2 invalidation area)
• Upside Path: If price sustains above ₹76, we may see a quick move towards ₹80–82 first, and eventually ₹85+ in the coming weeks.
🔍 Technical Indicators
✅ RSI is rising and trading around 66, showing bullish momentum but still shy of overbought levels.
✅ Moving averages are sloping upward, supporting the bullish bias.
✅ Volume spikes on green candles indicate strong participation from buyers.
📊 Possible Scenarios
1. Bullish Continuation: A breakout above ₹76 could trigger momentum buying, leading to higher targets quickly.
2. Pullback Before Rally: Price may retest the ₹73–74 zone before resuming the uptrend — a healthy retest would make the rally stronger.
Protective stop is marked near ₹71.45. If price falls below this, it may indicate that the wave structure has failed, and deeper correction could follow.
⸻
Disclaimer:
This analysis is for educational purposes only and not investment advice. Please consult a SEBI-registered financial advisor before making any trading or investing decisions.
🧩 Elliott Wave Structure
• We can see a completed 5-wave move up earlier this year (Wave 1).
• That was followed by a healthy correction (Wave 2), which retraced close to 50% of Wave 1 — a textbook retracement zone.
• Now, price action is forming a new Wave 3 setup, which tends to be the strongest move in Elliott Wave cycles.
📈 Key Levels to Watch
• Current Price: ₹75.87
• Immediate Support: ₹73.60 – ₹73.37 zone
• Protective Stop: ₹71.45 (below recent swing low, Wave 2 invalidation area)
• Upside Path: If price sustains above ₹76, we may see a quick move towards ₹80–82 first, and eventually ₹85+ in the coming weeks.
🔍 Technical Indicators
✅ RSI is rising and trading around 66, showing bullish momentum but still shy of overbought levels.
✅ Moving averages are sloping upward, supporting the bullish bias.
✅ Volume spikes on green candles indicate strong participation from buyers.
📊 Possible Scenarios
1. Bullish Continuation: A breakout above ₹76 could trigger momentum buying, leading to higher targets quickly.
2. Pullback Before Rally: Price may retest the ₹73–74 zone before resuming the uptrend — a healthy retest would make the rally stronger.
Protective stop is marked near ₹71.45. If price falls below this, it may indicate that the wave structure has failed, and deeper correction could follow.
⸻
Disclaimer:
This analysis is for educational purposes only and not investment advice. Please consult a SEBI-registered financial advisor before making any trading or investing decisions.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.