Stop Loss: Rs 425
Target: Rs 500
VEDL has been moving within a wide trading range, reflecting a phase of consolidation. Encouragingly, VEDL has now given a breakout from a small Descending Triangle pattern, suggesting the possibility of renewed bullish momentum. The key to sustaining this momentum will be whether the stock can hold above the breakout zone. If it manages to do so, it could move towards the Rs 500 levels in the short to medium term.
RSI stands at 56.89 and is trending strongly upward and stock has successfully surpassed all its key moving averages, including short-term, medium-term, and long-term EMAs.
(Hardik Matalia, Derivative Analyst, Choice Broking)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
