Vedanta Limited Stock Forecast
Vedanta Limited stock upgraded from Hold/Accumulate to Strong Buy Candidate after Friday trading session.
(Updated on May 03, 2024)
The Vedanta Limited stock price gained 1.18% on the last trading day (Friday, 3rd May 2024), rising from ₹410.80 to ₹415.65. During the last trading day the stock fluctuated 3.86% from a day low at ₹404.40 to a day high of ₹420.00. The price has risen in 5 of the last 10 days and is up by 7.7% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 14 million shares were bought and sold for approximately ₹5.95 billion.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at ₹400.85, a level that may pose a second chance to hit a runner. According to fan-theory ₹466.82 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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VEDL.NS 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 ₹400.86 and ₹333.15. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 11, 2024, and so far it has risen 22.97%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. 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).
Support, Risk & Stop-loss for Vedanta Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹372.95 and ₹370.55. 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 ₹372.95. If this is broken, then the next support from accumulated volume will be at ₹370.55 and ₹361.80.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹15.60 between high and low, or 3.86%. For the last week, the stock has had daily average volatility of 2.87%.
Our recommended stop-loss: ₹400.94 (-3.54%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 15 days ago.)
Trading Expectations (VEDL.NS) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Vedanta Limited to open at ₹413.35, and during the day (based on 14 day Average True Range), to move between ₹401.37 and ₹429.93, which gives a possible trading interval of +/-₹14.28 (+/-3.44%) up or down from last closing price. If Vedanta Limited takes out the full calculated possible swing range there will be an estimated 6.87% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹372.95, some ₹42.70 (10.27%) from the current price of ₹415.65, our system finds the risk reward attractive.
Is Vedanta Limited stock A Buy?
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Vedanta Limited stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.
Current score: 5.619 Strong Buy Candidate Upgraded
Predicted Opening Price for Vedanta Limited of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| ₹413.35 ( 0.553%) | ₹415.65 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for VEDL.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 428.95 | 3.20 % | |
| R2 | 422.99 | 1.77 % | ||
| R1 | 419.31 | 0.88 % | ||
| Current price: | 415.65 | |||
| Support | S1 | 407.39 | -1.99 % | |
| S2 | 403.71 | -2.87 % | ||
| S3 | 397.75 | -4.31 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 415.65 | |||
| Support | S1 | 372.95 | -10.27% | |
| S2 | 370.55 | -10.85% | ||
| S3 | 361.80 | -12.96% |
VEDL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 27, 2023 | Dec 27, 2023 | Dec 27, 2023 | ₹0 | 0% |
| 2 | May 30, 2023 | May 30, 2023 | May 30, 2023 | ₹18.50 | 6.48% |
| 3 | Apr 06, 2023 | Apr 06, 2023 | Apr 06, 2023 | ₹20.50 | 7.50% |
| 4 | Feb 03, 2023 | Feb 03, 2023 | Feb 03, 2023 | ₹12.50 | 3.98% |
| 5 | Nov 29, 2022 | Nov 29, 2022 | Nov 29, 2022 | ₹17.50 | 5.80% |
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