Investors with a short-term horizon can buy the stock of Adani Ports and Special Economic Zone at current levels.
The stock jumped 8.8 per cent accompanied by above average volume on Tuesday, breaking above a key resistance level of ₹310. This rally has strengthened the short-term uptrend that has been in place since the stock took support at ₹203 in late March this year. While trending up, the stock had breached a key resistance at ₹255 in mid-April, which thereafter turned into vital support and provided base.
Last week, the stock had emphatically breached its 50-DMA and the recent cross-over of 21-, 50-DMAs are positives.
The daily relative strength index has re-entered the bullish zone from the neutral region and the weekly RSI hovers in the neutral region with an upward bias. Both the daily as well as the weekly price rate of change indicators are featuring in the positive terrain implying buying interest.
Overall, the short-term outlook is bullish for Adani Ports & SEZ. It has potential to trend upwards and reach ₹332.5 and ₹339 in the short-term. Traders can buy the stock with a stop-loss at ₹312.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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Published on
May 19, 2020
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