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Shares of Vedanta today hit a 3-week high, and according to technicals, the stock may rise further. Vedanta shares rose as much as 2.62 per cent to Rs 225.5, highest since July 10.
The stock has broken above a descending trend line, suggesting, it may rise up to the next resistance at Rs 242.04, the 38.2 per cent Fibonacci retracement level of the uptrend from February 12, 2016 low to January 29, 2018.
The stock's wave pattern suggests that the five-wave correction that started in late January this year may have completed and the stock is now in the initial wave of a five-wave uptrend.
MACD is above its signal line, seen favourable. Vedanta stock had fallen 33.4 per cent this year as of Friday, while the broader NSE Index was up 7.1 per cent in the same period.
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