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.
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.