Comments
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.)
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.