Stock name: Vedanta Limited

Pattern: Breakout

Time frame: Daily

Observation:

Vedanta Limited has given a break out of the consolidation zone and formed a strong bullish candle yesterday on a daily scale which indicates a good buying interest in the stock. Also, if we look at the gap which it formed on 6^th May 2022 the stock may move towards filling up the gap as the metal space is witnessing a strong buying momentum.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendations. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Jubilant FoodWorks is planning to open 250 stores for Domino’s India and 40-50 stores of American fried chicken brand, Popeyes in the country in the next 12-18 months, and for this Rs.900 crores capital expenditure will be funded entirely via internal accruals over the aforementioned period.

2) Sun Pharmaceutical Industries and Concert Pharmaceuticals, Inc. today announced that they have executed a definitive agreement under which Sun Pharma will acquire all outstanding shares of Concert through a tender offer for an upfront payment of $8.00 per share of common stock in cash, or $576 million in equity value.

3) HDFC life, JSW steel, LTI Mindtree, JSW Energy, and Reliance industries are the key companies that will be releasing their Q3 FY 23 numbers today.