Stock market today: Amid easing tensions in the Middle East and rising metal prices, Anil Agarwal-owned Vedanta Group stocks are skyrocketing on Wednesday. Flagship Vedanta Group stock, Vedanta Iron and Steel share price today opened upside and touched 5% upper circuit within a few minutes of the Opening Bell. Vedanta Oil and Gas share price also had a gap-up opening, and the stock was up more than 2%. Likewise, Vedanta Power share price was trading around 6% upside.
According to stock market experts, Vedanta Group stocks are high-beta stocks of the Indian stock market. They are expected to do better when the market is in the bulls’ favourite zone. Apart from this, there are some fundamental triggers, which is also helping the Vedanta Group stocks to attract buyers. For Vedanta Group stocks to buy today, they advised investors to look at these two Anil Agarwal-owned stocks: Vedanta Iron and Steel and Vedanta Oil and Gas.
Why are Vedanta Group stocks rising today?
Highlighting the reason for the rally in the Vedanta Group stocks, Avinash Gorakshkar, Founder of Avinash Mentor Research, said, “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.”
Buzz for the margin benefit on buffer stock
Pointing towards the margin benefit on the buffer stock amid soaring metal prices, Anuj Gupta, a SEBI-registered market expert, said, “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. Vedanta group’s metal stocks are rising due to the rising metal prices, leading to benefit on the buffer stocks that the company has. Easing crude oil prices on buzz for the reopening of the Strait of Hormuz is creating buzz around Vedanta Oil and Gas and Vedanta Power shares.”
Asked about the suggestion to investors regarding Vedanta Group stocks, Avinash Gorakshkar said, “Vedanta Iron and Steel and Vedanta Oil and Gas shares still possess upside potential, and one should keep these two stocks in their portfolio.”
Vedanta Iron and Steel share price target
Speaking on Vedanta Iron and Steel share price outlook, Anuj Gupta said, “Vedanta Iron and Steel share price has strong support placed at ₹30, and it is facing a hurdle at ₹38. So, those who have this Vedanta Group stock in their portfolio are advised to hold the scrip, maintaining a stop-loss below ₹30 for the immediate target of ₹38. On breaking above ₹38 on a closing basis, the stock may touch ₹44 in the near-term.”
The SEBI-registered expert advised fresh investors to buy Vedanta Iron and Steel shares at around ₹32if there is a dip in the stock, with a short-term target of ₹38, maintaining a stop-loss below ₹30. However, if the stock doesn’t fall and goes above ₹38, then one can buy with a stop-loss below ₹38.
Vedanta Oil and Gas share price target
Speaking on Vedanta Oil and Gas share price outlook, Anuj Gupta said, “Vedanta Oil and Gas share price has resistance at ₹38 to ₹39 range, while it has strong support at ₹32. So, existing shareholders are advised to hold the stock, maintaining a stop-loss below ₹32 for the short-term target of ₹38. On breaking above ₹39, the stock may soon touch ₹45.”
Gupta said that fresh investors can buy Vedanta Oil and Gas shares at the current market price for the targets of ₹38 and ₹45, maintaining a stop-loss below ₹32. They can upgrade the stop-loss at ₹34, once it decisively breaks above ₹39.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
