ADANIPORTS

Hello Readers!

Here's the quick analysis on Adani Port upon request from one of you-

ADANIPORT is currently trading at 342.50 after a slight correction of 12% over the last two weeks. The resistance marked on the chart below is at 363- an important level. In the past it has acted as a support level multiple times- two such instances have been highlighted on the chart below.  

Click to enlarge        Adani Ports Daily Chart as on 14/9/20

Turning our attention to support on this stock, it is not a level but a zone- 309 to 319.

RSI on the daily chart turned up from 30 ( marked by arrow) while price took support at the above-mentioned support zone. This is a good indication of strong underlying momentum.

To wrap it, adaniport looks positive. However, I would wait for sometime to take a long position in pursuit of a more favourable risk-reward-ratio. 330 seems like a good probable point of entry, however, the prevalent market circumstances at that point of time will have to be reconsidered.

A breach below 309 would be your cue to exit as it appears like a cliff fall below this support.

Regards,

Kavita Chamaria