Vedanta shares in overbought zone? Where is HAL headed? Expert answers | Daily Calls on BTTV

Nilesh Jain, Head VP - Technical & Derivatives Research at Centrum on Thursday shared his views on the metals & mining giant Vedanta Ltd and defence PSU Hindustan Aeronautics Ltd. While HAL has climbed 26.3 per cent in the past one month, Vedanta has been hogging limelight following the demerger of four of its businesses.   

Vedanta: Is the stock overbought? 
In a reply to a query by a BTTV viewer, Jain said Vedanta stock has already seen value unlocking happening via the recent demerger. He noted that the demerger entities are yet to be listed and, after a recent rally, he believes one should not play Vedanta at the prevailing level. Jain said traders wanting to make fresh entry should wait for the stock to test Rs 280-290 levels, which he believes could be a good entry point. "It's better to avoid Vedanta at prevailing high levels," Jain said.

HAL: Where is the stock headed?
On a query by a viewer by the name Sumedha, Jain said HAL continued to remain his preferred bet in the defence pack. He said a good setup is visible on this counter, with the stock trading above most of its long and short-term moving averages. "Given the kind of setup we are witnessing with a good breakout from a falling trend line that we have seen from the levels of Rs 4,550, it looks like the stock is headed for Rs 5,000 level from a short term perspective," Jain said.

Positionally, he said Rs 5,500-plus, level can be observed on HAL, adding that this particular counter can be added to the portfolio from a long-term as well as from a short-term momentum perspective. He advised investors to keep a stop loss at Rs 4,400 level, which is its 200-day moving average. As long as the stock holds the level, Jain sees higher probability of the counter moving towards Rs 5,000-5,500 levels. 

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