Comments
The stock of Adani Ports and Special Economic Zone fell 2.6 per cent breaching an immediate support around ₹260 on Thursday. Traders can consider selling the stock at current levels. In mid-August, the stock encountered a significant resistance at ₹300 and subsequently reversed lower, triggered by negative divergence in the daily and weekly indicators. While trending down, the stock emphatically breached its 21- and 50-day moving averages in late September, and now it is hovering well below these levels. The possibility of further decline is high as there is no key support to cushion the stock in the near term. The daily relative strength index is featuring in the bearish zone backing the downtrend.
Other indicators on the daily chart are also featuring in the negative terrain. The indicators on the weekly chart are reversing down from overbought levels. Sell the stock with a stop-loss at ₹258. Targets are ₹242 and ₹237.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.