Stock Picks - Buy Adani Port Ltd For Target Rs. 790 - ICICI Direct
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Stock Picks
Technical Observations
* The share price of Adani Ports is in strong up trend forming higher peak and higher trough in all time frame. The stock during previous week has resume fresh up move after three weeks breather as it rebounded from the 80% retracement of the previous up move (629-767) signalling positive bias and offers fresh entry opportunity
* We expect the stock to continue with its positive momentum and head towards 790 levels in the coming weeks as it is the 123.6% external retracement of the recent breather (767-657) placed around 790 levels
* The entire up move since November 2020 is well channeled signalling sustained demand at elevated levels. The stock has recently rebounded taking support at the lower band of the channel signalling strength and a robust price structure
* The daily 14 periods RSI has generated a bullish crossover above its nine periods average thus supports the positive bias
Buy Adani Port Ltd @ 710.00-730.00 TGT 790.00 SL 688.00
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