IREDA, Vedanta, Cyient DLM shares - Trading strategy | Daily Calls on BTTV

Laxmikant Technical Research Analyst at YES Securities on Tuesday shared his views on many stocks, including Vedanta Ltd, Indian Renewable Energy Development Agency Limited (IREDA), and Cyient DLM. He stayed positive on Vedanta. He advised traders keeping stop losses and wait for upside in IREDA. On Cyient DLM Ltd, the analyst sees more selling pressure in the short term. Traders much wait for fresh entry levels, he said.

Vedanta | Query: Should I make fresh entry? 
On a query by viewer Sandeep Panchariya on entry level for Vedanta from a six-month time horizon, Shukla said he would remain positive on the Anil Agarwal stock, as long as it stays above Rs 275-280 levels. If the stock gets positive momentum towards the Rs 310 level, the next pivot point would come in at around the zone of Rs 335-350, he said. 

"So overall the sentiment looks positive till Vedanta holds on to the Rs 270-280 odd levels," Shukla said.

IREDA | Query: Hold or Sell at Rs 180 apiece? 
In an another query by a viewer by the name Parveena, who holds 700 Ireda shares at Rs 180 apiece, Shukla said the stock faces resistance at Rs 142-143 per share. If the stock surpasses the level of Rs 145, it can test upside towards Rs 155-160, he said. Shukla said the levels of Rs 128-125 is where the scrip saw a positive crossover of 20-day and 50-day moving averages. He believes one can place a stop loss around that range and wait for an upside.    

Cyient DLM | Query: Bought at Rs 405, still a hold? 
Shukla said Cyient DLM has been making bearish formations for the past few sessions. He said the stock is making lower top lower bottom and is currently trading at around Rs 865. He said the stock is trending lower after facing resistance around its 100-day simple moving average. "Overall sentiment looks bearish and if it breaks below its immediate support of Rs 840, we will see more selling pressure on this counter," Shukla said.

In such a case, he expects the fall to drag Cyient DLM shares toward the levels of Rs 820-800. "If he want to take long position in this stock, then he should wait for the breakdown and wait for the dip toward the levels of Rs 800-820 zone, where its previous swing lows are also placed. We will recommend to take long position but for the shorter time perspective, we will remain uh negative" he said.

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