In the previous session, the Nifty index opened on a positive note and witnessed consolidation on the higher side throughout the day. On the technical note, the index formed a Doji candle on the chart and closed with a net loss of 18 points. Traders should be focused on Sector and stock specific strategy for the next trading day.

Look at the below research report of ‘Stocks to Buy for Thursday, January 12,2023′ before the market opens.

NMDC Ltd

NMDC has given a breakout of V bottom pattern with bullish candlesticks and settled just above the middle Bollinger band indicating bullish strength & trend may continue in near term. As seen on the chart, +DI is above –DI and ADX value is near 25 which indicates that there is more room available on upside for the stock.

With the risk reward ratio favorable and chart looking good. Short-term traders can look to buy the stock now or on dips for a possible target of Rs.139 in near term. This outlook is valid as long as we do not see any closing below 114 levels.

Check More Analysis on NMDC at: NMDC Ltd