VEDL is in strong uptrend!!

17 ago 2020

Vedl is in an exceptional bull run. The stock has rallied, paused, accumulated and then again rallied. There is no sign of weakness appearing in this stock, just yet. 145 level can easily be breached in the coming sessions. Buyers are strong in Vedl and will absorb any supply, in the form of retracement, and will continue to lead the prices higher. I will wait for some pullback to happen on 5 minute time frame and then enter for a short term trade. SL ,for me, would be near 125 levels, as if these levels are broken, price will rally down towards the lower part of the price channel and will continue to stay in range. Volume has expanded with the price, suggesting that the up moves are happening on back of positive trader sentiment and not short covering. New buy positions are being opened by traders, and this is clearly being reflected in the charts. Overall structure of Nifty isn't completely strong and is looking for a correction. That is the only concern for me, as, if Nifty started its correction, then Vedl might also follow its lead. We will have to see how it plays, but for me, Vedl is extremely strong and the bullish pressure should continue in the coming sessions.
This is an educational post and all the opinions provided above and on charts are simply speculation. Nothing is 100% in stock market.
Consult your financial advisor before taking trades
I do not recommend taking trades according to my analysis as you may incur loss, for which I am not responsible.
Trade carefully
Grateful🙏