In the previous session, the market witnessed volatility throughout the day. The
index opened on a positive note but abolished all its gain in the very first hour. Later, we have seen near some recovery from day’s low. Technically, the Nifty Index formed a Doji candle on the chart which indicates indecision in the market. Hence a cautious approach is advisable for the next trading day. Use a trailing stop loss method to protect your profit at higher levels.
Indian Stock Market will open negative. Technically, the Indian Stock Market is still in a positive zone. Some profit booking would be seen but the market would be considered bearish and would enter into the negative zone only if it closes below 18018 for Nifty and 38049 for BankNifty . Until then the market would be considered bullish and traders can continue to hold long positions.
Following stock looks good for swing trading and traders can go long at below given levels:
Vedanta Ltd (NS: VDAN )
NSE: VEDL BSE: 500295 Sector: Mining & Mineral products
In the daily time frame, VEDL share prices are moving very well in trend line support for a long time. In the previous session, the stock made a strong bullish candle on the chart and closed with a gain of 2.12%. Prices are comfortably close near the Ichimoku cloud which suggests a bullish trend is intact and we can expect the upside momentum to continue from support levels. The 20 Exponential Moving average is acting very well on the stock. We have plotted Parabolic SAR on the chart. The Parabolic dots are moving below the prices which indicates that stock is now in an uptrend. This indicator is most useful in terms of Entry and Exit levels in any stocks for trading purposes.
In a nutshell, the short to medium trend for VEDL looks to be positive now. Traders can add quantity in the portfolio near current levels, which can take prices towards 370 levels. On the other side, the level of the bottom trend line will act as key support for the stock.
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