Trade Idea of The Day - Adani Ports and Special Economic Zone Ld Target Rs.32- Religare Broking Ltd
Adani Ports and Special Economic Zone Ld
BUY 30 MAR 1460 PUT SELL 30 MAR 1400 PUT Adani Ports and Special Economic Zone Ld Entry Range 17 - 20 Target Range 32 Stop Loss 12
Rationale
* On the daily chart ADANIPORTS has slipped below its key moving averages of 50-DEMA, indicating weakening short term momentum and a loss of immediate bullish structure.
* The stock prices are struggled to manage above the immediate resistance zone of 1500-1510, suggesting supply pressure at higher levels and a potential continuation of the corrective phase.
* Momentum indicators, i.e. RSI drifting below the key mark of 50 and a negative crossover on MACD reflect fading buying strength and increasing downside risk.
* On the technical front as long as price remains below the 1500 mark, the setup favours a sell-on-rise approach, with downside potential towards the 1420–1400 support zone in the near term
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SEBI Registration number is INZ00017433
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