NMDC hits 52-week high; jumps 25% in four days

NMDC jumped 6.92% to Rs 197.70, extending its winning run to fourth consecutive trading session.

The stock has rallied 25.48% in four days from its previous closing low of Rs 157.55 on 4 May 2021. The counter hit a 52-week high of Rs 201.90 in intraday today. The stock has soared 182% from its 52-week low of Rs 69.90 hit on 12 May 2020.

In last one month, NMDC has gained 36% compared with 22.4% rise in Nifty Metal index.

On the technical front, the stock's RSI (relative strength index) stood at 85.73. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 140.59 and 128.46 respectively. These levels will act as crucial support zones in near term.

NMDC is India's single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka. As on 31 March 2021, Government of India held 68.29% stake in the company.

The PSU mining company reported a 54.75% jump in consolidated net profit to Rs 2,157.81 crore on 44.86% rise in sales to Rs 4,355.10 crore in Q3 FY21 over Q3 FY20.

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