Vedanta, Laxmi Organic and Hindustan Zinc shares—Should you buy, sell or hold?

The Indian market resumed its upward march after starting flat in the opening trade. The benchmarks rose by around 0.3% each ahead of the European Central Bank meeting due later in the day on Thursday. The broader Nifty50 was trading above 16,550 and Sensex gained almost 200 points as sentiment turned positive. 

As per V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the Nifty will be influenced by the outcome of the ECB and Fed meetings due on 21st and 27th July respectively. 
"The Fed is likely to raise the rate by 75 bp and ECB, perhaps, by 50 bp, however, more important than the rate hikes, would be commentary on the trajectory of inflation and economic growth," he said 

Outperforming the barometer indices, Nifty Midcap and Smallcap rose by 0.8% and 06% in the late morning trade in the broader market.    

Likewise, all sectoral indices too were seen trading positive with FMCG, Media gaining the most.  

Meanwhile, certain stocks came in focus on Wednesday. These were Vedanta, Laxmi Organic and Hindustan Zinc shares.  

Here is what Santosh Meena, Head of Research, Swastika Investmart Ltd, recommend one should do with these stocks 

Vedanta:  

The Stock is bottoming out with bullish inverse head and shoulder formation with the surge in volume. The RSI plotted on daily and weekly time frames are above 50 and rising indicating strong momentum in the prices. 

Stock is facing resistance at Rs. 264 level; above this, we are expecting a long run-up towards 274 levels. On the downside, Rs.245 is major support at any correction while 230 is the next critical support level. Momentum indicators are positively poised to support the current strength. 

Laxmi Organic Industries 

The Primary structure of the Counter is continuously following the downtrend, but from the last few trading sessions stock has bottomed out with strong volume. Stock is trading above 9, 20, and 50 SMA averages. On the upside, 370 is an immediate susceptible area; above this, we are expecting a long run-up towards 400 levels. On the downside, 300 is the critical level. 

Hindustan Zinc 

The Counter is on the track of forming the Right Shoulder of the Inverse Head & Shoulder. On the downside, Rs.260 is major support at any correction. On the upside, Prices can move higher till its prior swing high of Rs 300 levels & above this 340 is the Final target. 

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)