Vedanta soars nearly 18% in the past seven trading sessions! What’s buzzing?

Vedanta soars nearly 18% in the past seven trading sessions! What’s buzzing?

by 5paisa Research Team Last Updated: Dec 10, 2022 - 12:16 pm 13.7k Views
Listen icon

Despite the weakness in the market, shares of Vedanta jumped nearly 2% on Monday after strong buying interest at lower levels.

The Indian indices are trading with strong volatility as global jitters continue to weigh investors’ sentiment. Despite the weakness, the Vedanta shares jumped nearly 2% on Monday after strong buying interest at lower levels lifted the stock higher. So far, Vedanta share price has jumped 18% in the past seven trading sessions.

Vedanta has seen a strong boost in the semiconductor business, thanks to strong global demand for chip manufacturing and sales. Recently, CM Gehlot of Rajasthan invited Vedant to set up its semiconductor industry in the state amid a tussle between Maharashtra and Gujarat. Vedanta is likely to create over 1 lakh job opportunities after its sets up its semiconductor plant. Also, the company is likely to seek shareholders’ nod to tap its cash reserve into the balance sheet. This is expected to improve cash flows and help boost bonds due next year.

Vedanta shares have witnessed strong buying interest from investors in recent times, and the stock is trading at its prior swing high. The 14-period daily RSI (62.76) is in the bullish zone and points northwards. The MACD had indicated a bullish crossover lately, which shows a strong upside. The ADX is rising and shows improving trend strength. The Elder Impulse system has also indicated a buy signal. The TSI and KST indicators show an improvement. In a nutshell, the stock is technically strong and is likely to trend higher in times to come.

In the past 3 months, this dividend-paying stock has delivered over 30% returns to its shareholders. In its recent quarterly results, net sales have jumped 35% to Rs 38622 crore, while net profit grew 4% in June 2022. With sound fundamentals and bullish technical parameters, the stock appears to be a good medium-term idea for traders/investors.

Currently, the shares of Vedanta are trading at Rs 296 on NSE. Keep an eye on this stock to track its further progress.

Share Market Today

How do you rate this article?

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage


About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.


Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial. Also, The
Open Free Demat Account
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest News
What you must know about M.V.K. Agro Food IPO?

M.V.K. Agro Food Product IPO was incorporated in the year 2018 to manufacture integrated sugar and other related products. M.V.K.

Juniper Hotels IPO Subscribed 2.08 times

The stock of Juniper Hotels IPO has a face value of ₹10 per share and the price band for the book building IPO has been set in the range of ₹342 to ₹360 per share. The IPO of Juniper Hotels Ltd will entirely a fresh issue of shares with no offer for sale (OFS) component.

Esconet Technologies IPO Lists 245.24% higher, but closes at -5% lower circuit

Bumper listing for Esconet Technologies IPO, then lower circuit