Vedanta Ltd on a daily chart stock price is trading above 20 DMA & 50 DMA,
indicate stock is well placed above the support level. On a daily chart stock
has formed the ascending triangle pattern and its closed near the breakout, any
trade above 179.40 stock price can rally more than 30 percent, indicate rally
will continue towards north. Momentum oscillator MACD uptrend is intact, which add
more bullishness for the stock price.
If one were to go by the
volume data, a higher upswing is seen on the stock price. Trader or investor
can accumulate above Rs. 179.40 for the target of Rs. 230/242 levels, with
Rs.160 stop loss on closing basis.
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