ADANI PORTS&SEZ
LTD
Open-360--High-369--Low-367.65—Close-364.35
on 23.10.2020.
Support:358.35/357.35/355.50/353.75/341.25/339.65.
Resistance:
369/374.80/378.35/394.60/406.40/415.65/417/421.50/424/428.85—430.60/443.30/452.35
(all time high).
(Bold and underlined figures are most
important)
The technical chart is looking good as of now and it has made
Inverse Head & Shoulder Pattern
on the daily chart, it is a bullish pattern and if it gives upside breakout
from its Neckline which is at 369
and sustain on the closing basis then the upside target could be 425 or it may retest it’s all time high
of 452.35 levels also. Moving up to the targeted range it may
face resistance at 378.35---386---394.60---406.40---417
levels. The present range for it is between 369---357---353, so it can be bought on
decline at range point also but in that case your stop loss would be 350 and the apprehension remains
whether it will give breakout from the neckline or not, if it doesn’t then the
pattern will fail and it can go down. It is therefore suggested to take long
position after it moves and sustain above the neckline of 369 on the closing basis then your stop loss for trade would be at 358. But those who trade with small
quantity can buy on decline on delivery basis but should not hold it below 350 in any case. Please note that after
the sustained breakout if it fall below 369
and sustain on the closing basis then also the pattern will fail this may be
kept in mind.
It is strongly suggested to trail
your stop losses (with the help of support levels mentioned above) in the
profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL CALL. DO NOT TRADE OR INVEST
WITHOUT STOP LOSS.
NOTE: - It is the
technical assessment of the stock as of now, the technical interpretation
changes with the price movement and time, therefore investors are advised to
look into fundamental, financial details of the company and last but not the
least management perception for the future of the company before taking
investment decision.
Disclaimer:-The view
expressed here are solely of the author and he is not at all responsible in any
way for the outcome of the trade you enter based on the above view.
Kindly note that make
your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit
and avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note: Price stated here
are of spot market.
Contact me for
strategic guidance to enter and exit trade.
Thanks
Narendra Kumar Surana
suranank@gmail.com
Mobile—8240951127/9831313654.
