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.
Kavita Chamaria
