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Sell Vedanta, target Rs 273: Abhishek Mondal

"Traders can sell the stock after some technical bounce back around Rs 288-290 with a stop loss above Rs 299 for a target of Rs 273," says Abhishek Mondal, Research Analyst at Guiness Securities.

Moneycontrol News
May 09, 2018 / 09:24 IST
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A bird flies by the Vedanta office building in Mumbai August 16, 2010. India-focused miner Vedanta Resources said it will buy 51-60 percent of Cairn India for about $8.5-9.6 billion in cash to be funded via debt and cash resources, a move that would represent Vedanta's first foray into oil and gas, and help Edinburgh-based Cairn Energy fund an expensive drilling programme in Greenland. REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS ENERGY) - RTXSAAV
A bird flies by the Vedanta office building in Mumbai August 16, 2010. India-focused miner Vedanta Resources said it will buy 51-60 percent of Cairn India for about $8.5-9.6 billion in cash to be funded via debt and cash resources, a move that would represent Vedanta's first foray into oil and gas, and help Edinburgh-based Cairn Energy fund an expensive drilling programme in Greenland. REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS ENERGY) - RTXSAAV

Abhishek Mondal

Vedanta has been struggling around the resistance zone of multiple moving averages with moderate volumes on the daily charts.

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The daily Relative strength index (RSI) is showing downward momentum and MACD is trading below the signal line below zero level, which indicates a bearish trend.

A trader can sell the stock after some technical bounce back around Rs 288-290 with a stop loss above Rs 299 (closing basis) for a target of Rs 273.

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