Nifty Future Trading--Traders can accumulate the stock in the range of Rs 227-231 for the target of Rs 254 and a stop loss below Rs 219, says Rupak De of Bonanza Portfolio.
Vedanta has given a symmetrical triangle breakout on the daily chart which suggests that traders have raised interest in the stock.
In addition, we observed that the breakout prices were backed by higher volume. The stock has been sustaining above 21-EMA (exponential moving average) on a closing basis for the last several days which means traders are willing to pay higher than short-term average closing price.
Traders can accumulate the stock in the range of Rs 227-231 for the target of Rs 254 and a stop loss below Rs 219.
Disclaimer: The author is a Technical Research Analyst at Bonanza Portfolio Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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