Trade Idea of The Day - Adani Energy Solutions Ltd Target Rs. 40 - Religare Broking Ltd
Adani Energy Solutions Ltd
BUY 27 SEP 1360 PUT Entry Range 22 – 25 Target 40 Stop Loss 15
Rationale
• ADANIENSOL has breached the strong support zone and is now sustaining below the 20-WEMA, indicating a deterioration in the medium-term technical structure. The immediate trend remains weak unless the stock decisively reclaims the 1,450 zone.
• Momentum indicators have turned negative, with RSI slipping below the neutral 50 mark and currently placed around 45, reflecting weakening buying interest and continued selling pressure.
• The weekly MACD histogram has witnessed a fresh bearish crossover, and the histogram exhibits a negative trend in increasing order, supporting the ongoing bearish momentum and cautioning against aggressive fresh buying.
• On the downside, sustained weakness may drag the stock price lower towards the 1,300-1,280 zone, where the 50-WEMA might act as the immediate support. Any recovery towards 1,400-1,450 may face selling pressure.
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SEBI Registration number is INZ00017433
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