Stock name: Vedanta

Pattern: Bullish momentum

Time frame: Daily

Observation:

The stock has been following the rising trendline for the last 6 months and had broken down from the same. However, since the two days the stock has seen good buying and has again come above the trendline, possibly indicating that the buyers are still in control and will not let the stock fall much.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Shares of Central Bank of India hit an upper circuit of 5% in today’s intraday trade on BSE after its board of directors approved raising up to Rs. 1,500 crores this fiscal by issuing Basel III compliant bonds.

2) Shares of Midhani surged more than 5% today as it has set up a key facility of National Importance, ‘Wide Plate Mill’ at its existing Hyderabad Plant with an investment of around Rs. 500 crores for rolling of slabs of various alloys.