Adani Ports & Special Economic Zone (₹288.2): Buy

Yoganand D BL Research Bureau | Updated on April 29, 2020 Published on April 30, 2020

Investors with a short-term horizon can buy the stock of Adani Ports and Special Economic Zone at current levels. After a sharp fall in the month of March, the stock recorded a 52-week low at ₹203 in late March and found support. Subsequently, the stock reversed direction as it entered the deep oversold territory.

While trending up, the stock had surpassed a key resistance as well as the 21-DMA in early April. The stock trades well above its 21-DMA. After testing a significant resistance at ₹267 for over the past two weeks, the stock breached this barrier on Wednesday by gaining 5.5 per cent with above average volume. This rally strengthens the short-term uptrend.

The daily relative strength index is on the brink of entering the bullish zone from the neutral region and the weekly RSI is likely to enter the neutral region from the bearish zone. Besides, the daily price rate of change indicator features in the positive terrain indicating buying interest.

Short-term outlook is bullish. Traders can buy with a stop-loss at ₹281 for targets ₹300 and ₹306.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on April 30, 2020
This article is closed for comments.
Please Email the Editor