Trade Idea of The Day - Vedanta Ltd Target Rs.1- Religare Broking Ltd
Vedanta Ltd
SELL 30 MAR 680 PUT BUY 30 MAR 660 PUT Vedanta Ltd Entry Range 6 – 8 Target Range 1 Stop Loss 11
Rationale
* On the daily chart VEDL maintain a strong uptrend, consistently trading above its 50 EMA, indicating sustained bullish momentum with buyers active at lower levels.
* MACD histogram traded in a positive trajectory on a weekly timeframe, signalling underlying strength and suggesting continuation of the broader upward trend.
* The key momentum indicator RSI is hovering above the 50 mark, providing room for upside without entering overbought territory, supporting a gradual bullish move.
* On the derivative front fresh put writing witnessed at 680 strike, so that any dips towards this zone can be viewed as buying opportunities, with the trend favouring a “buy on dip” approach for potential upside towards 720 levels.
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