We suggest buying Vedanta above Rs 198 with stop loss of Rs 189 for target of Rs 221, says Shabbir Kayyumi of Narnolia Financial Advisors.
Daily chart of Vedanta reveals that demand is increasing and supply is diminishing. Rising trend line from lower levels is displaying trend reversal and creates buying opportunity at current juncture. As of now, the stock is taking support from its broadening wedge support line which augurs well for the bulls and indicates surge on the upside.
Positive crossover in MACD signals optimism, suggest upside move in the counter in coming sessions. We suggest buying Vedanta above Rs 198 with stop loss of Rs 189 for target of Rs 221.
The author is Head - Technical & Derivative Research at Narnolia Financial Advisors Ltd.
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