NMDC Steel share price jumps 6%; what's next as experts see weakness in technical chart | Support, resistance
NMDC moved higher.
· LiveMint Markets
NMDC Steel shares rose more than 6% on Thursday amid a broad rally in Indian equities and improving steel-sector sentiment. HRC prices increased, while the company also appointed Sarita Chauhan as a government director. Analysts cited resistance near ₹42–43 and support around ₹39.
The analysis
NMDC reported ₹42 and ₹39, with movement of 6% attached to those lines. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -0.4% on the day at ₹70.82, and has returned -16.4% over three months. It sits 26% below its 52-week high, which means a good deal of bad news was already in the price. The metals & mining sector has moved -4.6% over the same period, so NMDC is running 11.8 points behind its peers.
For NMDC, the question is how much of this is already reflected in the price and how much re-rates the metals & mining peer set alongside it.
Market context
- The company directly in focus is NMDC.
- Sector exposure: Metals & Mining.
- The immediate tone of coverage reads positive.
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