Shares of Vedanta advanced 2 per cent in Wednesday’s after falling in the previous two sessions. The scrip rose 1.52 per cent to hit high of Rs 306.50 a piece in early trade. The scrip had declined 4.6 per cent in the previous two sessions.
The scrip turned ex-dividend on Tuesday and today is its the record date for the same.
The Vedanta stock was consolidating in a narrow range of Rs 290-305 in the last few sessions. Osho Krishan, Senior Analyst at Angel One had on Tuesday said that any decisive breakthrough from the range could trigger the next set of rally on the counter in the near future.
On Wednesday, a total of 2.5 lakh shares changed hands on the counter compared with a two-week average of 8.13 lakh shares. Against buy orders of 3,08,310, there were sell orders of 3,79,383 shares.
Santosh Meena of Swastika Investmart said that there is a strong tussle between the bulls and the bears at an important juncture. Vedanta, he said, is moving in an upsloping channel formation, where the 50-DMA is acting as immediate and strong support, but the 50 per cent retracement of the previous fall at Rs 325 is acting as a critical hurdle.
It needs to cross the Rs 325 level to gain any meaningful strength, he said.
“If it manages to take out the Rs 325 mark, then it is likely to head towards Rs 380 level. On the downside, the 50-DMA around Rs 290 is an immediate support. Below this, it may continue its corrective phase, where Rs 273/255 will be the next support levels,” Meena said.
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