January 22, 2016
Vedanta (NSE Cash)
BUY
` 60.50
` 64.50 - 64
` 73
14 - 21 sessions
Monthly Chart
Source: Falcon (Time: IST 09:25)
Justification:
The ‘Metal & Mining’ space has been a clear underperformer over the past 18 months. The trend in all time
frame charts remains bearish. However, having said that, the stock has now reached its multi-year ‘Downward
Sloping Trend Line’ level of 65; which may provide a decent support for the stock. In addition, this support
almost coincides with the 127% retracement of the previous up move from 110.72 to 297.61. We are also
observing a series of ‘Positive Divergences’ in the weekly ‘RSI’ momentum oscillator. Thus, we are expecting an
effect of this divergence after reaching this very strong support zone. Hence, we advise traders to buy this stock
at current level to a decline up to ` 64 for a target of ` 73 in coming 14 to 21 trading sessions. The stop loss
for this trade set up can be kept at ` 60.50.
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January 22, 2016
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Source: Angel research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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