Vedanta Limited Stock Forecast

Vedanta Limited stock upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.
(Updated on May 17, 2024)

VEDL.BO Signals & Forecast

The Vedanta Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹423.65 and ₹368.06. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 09, 2024, and so far it has risen 12.14%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Thursday, February 29, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Vedanta Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹385.85 and ₹378.00. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Vedanta Limited finds support just below today's level at ₹385.85. If this is broken, then the next support from accumulated volume will be at ₹378.00 and ₹370.55.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹12.45 between high and low, or 2.88%. For the last week, the stock has had daily average volatility of 4.14%.

Our recommended stop-loss: ₹428.61 (-3.14%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 10 days ago.)

Trading Expectations (VEDL.BO) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Vedanta Limited to open at ₹440.02, and during the day (based on 14 day Average True Range), to move between ₹426.65 and ₹458.35, which gives a possible trading interval of +/-₹15.85 (+/-3.58%) up or down from last closing price. If Vedanta Limited takes out the full calculated possible swing range there will be an estimated 7.16% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹385.85, some ₹56.65 (12.80%) from the current price of ₹442.50, our system finds the risk reward attractive.

Is Vedanta Limited stock A Buy?

Vedanta Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 5.647 Strong Buy Candidate Upgraded

Predicted Opening Price for Vedanta Limited of Tuesday, May 21, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.