Three mutual funds pick up stake in this PSU stock in April. Should you buy?
Edelweiss Mutual Fund, HDFC Mutual Fund, and Motilal Oswal Mutual Fund have acquired shares of iron ore producer NMDC Steel in April. The combined stake of mutual funds in the company amounts to 3.97%. Besides, Aditya Birla Sun Life Business Cycle Fund also has 1.07% stake in the company. Retail investors own nearly 12%. Technical analysts suggest that the stock is showing positive momentum on the charts, but there is stiff resistance around Rs 39-40 levels. Price faces resistance at 39-40, and the stock needs to break above 40 on good volumes and good quality candles for a rally to 48-58.
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