NMDC Steel stock climbs over 6% as Indian equities rally
Shares of NMDC Steel rose more than 6% on Thursday amid a broad market rally in India, while analysts cited by Mint flagged weak chart signals.
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what happened
Shares of NMDC Steel gained more than 6% on Thursday, 15 October, as Indian equities rallied across the board. The Sensex added over 1,100 points and the Nifty 50 climbed above 22,900. Better sentiment in the steel sector and buying interest in individual names likely supported the move.
Domestic hot-rolled coil prices went up by Rs 700 a tonne in the week to 9 October, reaching Rs 64,700 a tonne. NMDC also lifted lump iron ore prices by Rs 150 a tonne as of September, which could raise raw material costs for steelmakers, according to press reports. In a 13 October filing, the company said the Ministry of Steel had named Sarita Chauhan, Additional Secretary and Financial Adviser, as a Government Director on its board, effective 12 October 2026.
Mint reported that technical analysts at Bonanza and My Advisor Alpha still see a weak setup, with the stock near Rs 40.16 and below its key moving averages. They point to resistance between Rs 42 and Rs 43.18, and support at Rs 39 and Rs 38. A decisive break above Rs 43 could open the way toward Rs 46.
why it matters
For markets, the story pairs a broad Indian equity rally with higher steel prices and iron ore costs, while the chart picture for the stock remains weak. Traders will be watching the Rs 39 and Rs 43 levels in the near term.
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- NMDC Steel share price jumps 6%; what's next as experts see weakness in technical chart — Support, resistance, 15 October 2026 at 11:51 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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