3 hrs ago
Vedanta Group Stocks Rise as Metal Prices, Tensions Ease
Several Vedanta Group shares rose sharply on Wednesday.
Vedanta Iron and Steel reached its daily 5% upper limit.
Vedanta Oil and Gas gained more than 2%, while Vedanta Power was about 6% higher.
Experts said investors were feeling more positive about the market.
They also pointed to higher metal prices and easing tensions in the Middle East.
News about the possible reopening of the Strait of Hormuz was another reason for optimism.
One expert suggested watching Vedanta Iron and Steel and Vedanta Oil and Gas.
The analysts also gave support levels, targets and stop-loss levels for these shares.
Vedanta Iron and Steel shares hit a 5% upper circuit, while Vedanta Oil and Gas rose more than 2% and Vedanta Power traded about 6% higher.
Experts attributed the rally to positive market sentiment, rising metal prices and expectations that the Strait of Hormuz may reopen.
Metal-focused Vedanta stocks could benefit from higher prices and margins on existing buffer stock, according to an analyst.
Vedanta Iron and Steel has support at ₹30, resistance at ₹38 and a potential near-term target of ₹44 if ₹38 is decisively breached.
Vedanta Oil and Gas has support at ₹32, resistance near ₹38–₹39 and a potential target of ₹45 above ₹39.
- Who
- Vedanta Group companies, including Vedanta Iron and Steel, Vedanta Oil and Gas and Vedanta Power, along with market experts quoted in the report.
- What
- Vedanta Group stocks rose sharply, with experts discussing their potential targets and stop-loss levels.
- Where
- On Dalal Street and the Indian stock market.
- When
- Wednesday, during the stock market opening and trading session.
- Why
- The rally was linked to easing Middle East tensions, rising metal prices, positive market sentiment and expectations surrounding the possible reopening of the Strait of Hormuz.
Key facts
- Vedanta Iron and Steel move
- The stock opened higher and reached a 5% upper circuit.
- Vedanta Oil and Gas move
- The stock opened with a gap up and traded more than 2% higher.
- Vedanta Power move
- The stock traded around 6% higher.
- Iron and Steel levels
- Support is at ₹30; resistance is at ₹38; a break above ₹38 could lead to ₹44.
- Oil and Gas levels
- Support is at ₹32; resistance is in the ₹38–₹39 range; a break above ₹39 could lead to ₹45.
- Suggested Iron and Steel trade
- A fresh entry was suggested near ₹32, with a target of ₹38 and a stop-loss below ₹30.
- Suggested Oil and Gas trade
- Buying at the current market price was suggested for targets of ₹38 and ₹45, with a stop-loss below ₹32.
Quotes
Avinash Gorakshkar
Founder of Avinash Mentor Research
“Anil Agarwal's Vedanta Group stocks are rising due to the positive buzz on Dalal Street. Vedanta Group stocks are among the high-beta stocks of the Indian stock market, and hence they are skyrocketing due to the positive sentiments on Dalal Street amid buzz for the opening of the Strait of Hormuz.”
livemint.com
“Vedanta Group shares are mainly in the metal and energy space. As both segments are rising due to the easing tension in the Middle East, the entire Vedanta Group stocks are skyrocketing.”
livemint.com
Sources
Related news
Vedanta Group Stocks Extend Losses Amid Market Concerns
Vedanta Group Shares Rise as Company Denies Stake Sale Speculation
Stocks Rise as Tata Shares Fall; Vedanta, ACME Gain
Tata Investment Corporation Stock Surges 10% Amid Heavy Volume
Century Enka Shares Surge 15% Amid Shareholder Approvals
Indian Stocks Recover Late, FACT Leads Gains Amid Tensions
Brent Falls Below $99 as India Eyes Oil Bill Relief
Japan Reaffirms ICC Support as Trump Attacks Court at UN
Iran Proposes Cargo Seizures and Vessel Detentions for Strait Violations
UN Agenda To Focus On AI, Iran War, Economic Fallout
