Positional Pick : Adani Ports and Special Economic Zone Ltd for Target Rs.1438 by Bajaj Broking
Adani Ports and Special Economic Zone Ltd
Adani Ports and Special Economic Zone Ltd Buying range 1325-1345 CMP 1341 SL1269 Upside 8% Target 1438 Duration 30 Days
* The stock after the recent corrective decline is forming base at the 200 days EMA and the previous breakout area thus offers fresh entry opportunity with favorable risk-reward set up.
* In the smaller time frame, it has generated a falling channel breakout containing the last 6 sessions corrective decline thus offers fresh entry opportunity. Strong support is placed in the range of 1290-1270 levels being the confluence of the last month low and 200 days EMA.
* We expect the stock to head higher towards 1438 levels being the 80% retracement of the previous July-August decline (1474-1291).
* The daily stochastic has generated a buy signal moving above its three periods average thus supports the positive bias in the stock.
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