Shares of Vedanta rose 2 per cent on Wednesday after falling in the last two sessions. The scrip rose 1.52 per cent to Rs 306.50 per piece in early trade. The stock had declined 4.6 per cent in the last two sessions.
The stock turned ex-dividend on Tuesday and has its record date today.
Vedanta stock was consolidating in a narrow range of Rs 290-305 in last few sessions. Osho Krishnan, senior analyst at Angel One, had said on Tuesday that any decisive break from the range could trigger the next set of rally on the counter in the near future.
A total of 2.5 lakh shares changed hands on the counter on Wednesday as compared to the two-week average of 8.13 lakh shares. There were sell orders for 3,79,383 shares against buy orders of 3,08,310.
Santosh Meena of Swastika Investmart said that at a crucial juncture, there is a fierce tussle between the bulls and the bears. Vedanta, he said, is moving in an upsloping channel formation, where 50-DMA is acting as an immediate and strong support, but 50 per cent retracement of the previous decline at Rs 325 is acting as a key hurdle. Is.
It needs to clear Rs 325 level to post any meaningful strength, he said.
“If it manages to clear Rs 325 mark, it is likely to move towards Rs 380 levels. On the downside, the 50-DMA around Rs 290 is an immediate support. Beneath this, it may continue in its corrective phase. The upside may continue, where Meena said, Rs 273/255 will be the next support level.
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