Tata Steel, Vedanta, Hindalco: Key support and resistance levels for these 3 buzzing stocks

Indian benchmark indices settled lower for another trading session, thanks to another selling in the fag-end of the session. Uncertainty ahead of the election outcome next week kept the traders on tenterhooks. BSE Sensex dropped 220.05 points, or 0.29 per cent to settle at 75,170.45. NSE's Nifty50 index declined 44.30 points, or 0.19 per cent, to end the session at 22,888.15.

Some buzzing metal and mining stocks namely Hindalco Industries Ltd, Tata Steel Ltd and Vedanta Ltd are likely to remain under the spotlight of traders for the session today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:

Vedanta | Support: Rs 440-400 | Resistance: Rs 500-555
Vedanta has experienced a strong bull rally, nearly doubling in value over the past two months. Recently, however, profit booking has occurred near its psychological level of Rs 500. Despite this, the overall trend still appears intact. The initial support is expected around the Rs 440 level, where the 20- (DEMA) resides, with a major support at the Rs 400 mark. On the upside, the first resistance is at Rs 500. Beyond this level, a rally towards Rs 555 is expected.

Tata Steel | Support: Rs 168-162 | Resistance: Rs 180-200
Tata Steel has retested the channel pattern breakout in the daily timeframe and is currently trading sideways, maintaining its overall bullish momentum in the sector. Despite volatility in the market, the counter has demonstrated strength. Currently trading at 175, the first support is expected at the Rs 168 mark. If it slips below this level, the next support to watch for would be at Rs 162. On the upside, the first resistance is anticipated at Rs 180, with a potential next target of Rs 200.

Hindalco Industries | Support: Rs 650 | Resistance: Rs 700-777
Hindalco has been trading within a range for quite some time, emerging as one of the strongest performers among the metal sector. It is expected to outperform in the coming days. Currently, the counter is establishing a base around its 10-day moving average (DMA). Technically, the first support level is at Rs 666, which coincidentally aligns with a vibration number. Below that, a major support level is found at Rs 650, where the 20 DMA is positioned. On the upside, the initial resistance is at the Rs 700 mark. Beyond that, the counter has the potential to climb up to the 777 level.

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