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VEDL has broken out of a bear flag with good selling ,
can go short at CMP with a stop loss of 176
and targets of 150-147 in coming days .
MARKET ANALYSIS: The pair is trading inside a ascending triangle, Now it has reached the triangle support. If the market reaches the supply zone level. We can expect a breakout, Once the breakout happens there will be a huge impulse towards the next major demand zone. So lets wait and see what the market does in the coming days. Cheers!
Vedanta completed its triangle. Now in case of a upside breakout stock may go to 210-220 levels.In case of downside breakout it may go to 130-120 levels.
Trend Line Support.
Bounced From Lower Bolinger Band.
Fibonacci.
Other Details Mentioned In Chart.
Positional View For Educational Purpose Only.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
VEDL,
BEARISH FLAG PATTERN BREAKOUT.
WAIT FOR THE PULL BACK AND LOOK FOR BUYERS EXHAUSTION AND LOOK FOR SHORT OPPTURNITY.
SHORT=170
TARGET=145
STOPLOSS=180
RISK TO REWARD=2.5
VEDANTA APPEARS TO GET SUPPORT AT 174.3 AND IS MOVING IN UPWARD CHANNEL.
IF THE SUPPORT IS BREACHED THEN 167 IS DOWNSIDE TARGET.
IF IT STARTS MOVING UP, THEN 181.4 IS THE NEXT TARGET.
BETTER WAIT FOR PRICE TO CROSS 178 FOR GOING LONG IN THIS SCRIP.
Vedanta Limited is a natural resource company engaged in the business of manufacturing copper and copper products, and aluminum and aluminum products. The Company's segments include Copper, which consists of manufacturing of copper cathode, continuous cast copper rod and anode slime, including from purchased concentrate and manufacturing of precious metal from anode slime, sulfuric acid, phosphoric acid; Iron ore; Aluminium, which consists of manufacturing of alumina and various aluminum products; Power, which consists of power, including power facilities engaged in generation and sale of commercial power, and Other, which consists pig iron and metallurgical coke. Its iron ore business consists of iron ore exploration, mining, beneficiation and exports. The Company has iron ore mining operations in the States of Goa and Karnataka. Its copper business consists of custom smelting. Its power business consists of 2,400 megawatt thermal coal based power facility in the State of Odisha.
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VEDL
