Vedanta Limited (VEDL) Stock - Complete Technical Analysis - Sep 24, 2024

Technical Analysis of Vedanta Limited: Key Support & Resistance Levels Revealed

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Today, well take a detailed technical analysis of Vedanta Limited, currently trading at 470. The stock has shown strong momentum, with a recent pattern indicating indecision in the market, as evidenced by the Doji and Spinning Top formations. The stock is currently trading below its recent high of 506.75, which occurred in May 2024, and is significantly above its 52-week low of 208.

Looking at the technical indicators, the Average Directional Index (ADX) suggests a lack of strong trend momentum, currently indicating a weak trend environment. The Relative Strength Index (RSI) is sitting at 60, suggesting the stock is in a moderately bullish zone, with room for upward movement but approaching overbought territory. The MACD is showing a bullish crossover, which indicates potential for further upside.

Key support levels to watch include the psychological level of 450, which coincides with several moving averages. If the stock retraces, a bounce off this level could provide a solid buying opportunity. On the resistance front, the first major level is near 493, where the price may struggle to advance further without a significant breakout.

In summary, traders should keep a close eye on these levels, the prevailing market conditions, and the performance of key indicators to guide their trading decisions.