Vedanta- May Expiry made Stock more Bullish now

Vedanta share price closed at Rs. 268 yesterday, on expiry of May series, at low point of the day, as expected. But lot of cash buying by the informed circles were seen in last 30 minutes, resulting in delivery buying of 111 lakh shares yesterday, which was at 30 lakh shares, for last couple of days, prior to yesterday.

One time OI (open interest) in June series is now at 12.62 crore shares (40,714 Contracts), while large part on Long side is seen held the informed circles, with Shorts held by the weak hands and Arbitragers.

We are expecting couple of positive news for the stock in June. One could be declaration of dividend of about Rs. 10 per share for FY21. Second could be Promoters exercising creeping acquisition of 5%, as current price has become attractive, with last acquisition having made by them at Rs.235 per share, about 2 months back.

Acquiring part residual stake of 10% by Vedanta, of 29.5% held in Hind Zinc by the Govt, and bidding for BPCL may be peripheral points surfacing in June.

On a lighter note, informed circles are expecting stock price to move to around 333, in the next 3 months, 3 weeks and 3 days.:)

Keep fingers crossed.  

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