Stock of the day : Vedanta Ltd For Target Rs. 8 - Religare Broking Ltd
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Vedanta Ltd
* VEDL has been underperforming within the metal pack and looks set for a fresh decline.
* Its has reversed finding resistance around its short term average, suggests bearish tone to continue.
* Its has registered a fresh breakdown and has closed beneath 78.6% retracement level of its prior advance.
* We thus recommend initiating fresh shorts through the Put option.
Buy Vedanta Ltd CMP 3.45; Range 3-4; SL 1; Target 8
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