deepanshujain
Long

Can Vedanta stay in channnel??

NSE:VEDL   VEDANTA LIMITED
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Amidst the volatile market of UP Election Match, Can Vedanta             get back the Momentum to stay in Channel and rally to 300.(Like Sehwag or is it the mighty Dravid whose best Test Score is 270)

From the last 2 trading session entire metal team has lost some steam and NIFTYMET index was at 2 years High on Last Monday(Rally was led by Hindalco, Tata Steel, Coal India, Vedanta             ).

On Daily Basis, Vedl             has spent most time above 50-Day EMA (Blue line)and it has moved in a channel and bounced a couple of times near the lower end of the channel.
RSI is near previous lows(oversold range), upmove in RSI can confirm the Bullish view.
CMP-251 SL-241.5 T1-262 T2-270 T3-293 (Nervous 90's-Sehwag was once out on 293) T4-300+
Risk/Reward Ratio=1:5

Please add your views to this post by commenting.Views will help us be aware where candle bounces or is it a flat pitch.

"It's like an interrogation going on, every candle(ball) is asking tough questions!"-Harsha Bhogle
Comment: Safe entry for this trade is above 257.
Comment: Target2 Achieved. Buy Again if trades on lower line of channel. It will hit sixes soon.
Comment: Dividend of 17.7 and ex-dividend date 12th April.
Intermediate target before dividend is 282
, before it take supports around previous target T1:261-264 and thn SL of 257.
Trade closed manually: Game has gone out of channel now after share goes ex-dividend. 278 was the high.
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