Vedanta Ltd: Book Profits
Vedanta Ltd, today made a high of Rs.80.65 in the NSE, which is very near the target price given by a brokerage house.
The current price of Rs.79-80, which though has given a break out on daily chart is unlikely to sustain, as the fundamentats simply do not support the price amidst, the falling crude oil price (once again).
Moreover, the Nifty has already tested the key Resistance zone of 7320-7365 (7372.45) today. We therefore, need to see if this zone is broken by the bulls; which is unlikely at the moment, especially when the Moody's have downgraded China and the crude oil prices are again on a downward spiral.
Moreover, the Nifty has already tested the key Resistance zone of 7320-7365 (7372.45) today. We therefore, need to see if this zone is broken by the bulls; which is unlikely at the moment, especially when the Moody's have downgraded China and the crude oil prices are again on a downward spiral.
Therefore, my suggestion would be to book profit at Rs.79-80, and wait for dips around Rs.73, to enter again.
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