Quote on Post market comment for Mon Apr 27 by Hitesh Tailor, Research Analyst, Choice Broking
Below the Quote on Post market comment for Mon Apr 27 by Hitesh Tailor, Research Analyst, Choice Broking
Vedanta is currently trading around ?740 and is witnessing a mild pullback after a sharp rally towards the Rs.780–Rs.800 zone. The stock has faced rejection near its recent swing high and is now entering a phase of short-term consolidation.
Price action continues to hold firmly above the 20-day and 50-day EMA, indicating that the short-term trend remains intact despite the recent decline. Moreover, the stock is comfortably trading above its 100-day and 200-day EMA, highlighting a strong broader structure and sustained bullish momentum on the higher timeframe.
The recent dip appears to be healthy profit booking after the sharp upmove, with the stock now approached a key demand zone of Rs.700–Rs.740, which also coincides with the range between the 20-day and 50-day EMA, reinforcing it as a strong support cluster.
The RSI is placed at 54.73, holding above the midpoint and showing signs of stability, which suggests underlying strength and the potential for momentum to gradually build from current levels. On the upside, immediate resistance is seen near Rs.780–Rs.800. A decisive breakout above this zone can trigger fresh upside momentum, opening the door for a move towards Rs.840–Rs.875, supported by Fibonacci extension levels.
Overall structure remains bullish; however, after the sharp rally, profit booking from higher levels is evident, and some consolidation or a minor retracement is likely before the next directional upmove unfolds.
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