Adani Port ? What to do in this falling market ???Adani Ports and Special Economic Zone Limited
Trend Analysis:
After a fall on March 2020 due to Covid-19 stock is in uptrend and showing a resistance on two point on high of 9th June 2021 and 18th Oct 2021 From where stock has given a strong reversal.
On down Side It took support on 17th June 2021 and since then it has taken support with that trend line . It has made 5 bottom since 17th June 2021.
Now, since last swing from 30th Nov 2021 to 10th Dec 2021 stock has taken a reversal from resistance exactly at 61.8% of fibbonaci levels. RSI is also in Oversold zone below 30 in 1H time frame expecting a bounce back.
Now I strongly believe that stock can further tumble to it 78.6% of last swing and that would be a turning point of Stock where it can take support on it’s trend ( 6th Time) and can bounce back to its immediate resistance at 775.
So 715-710 would be a good buying opportunity which has a stop loss below its support at 678 for the target of 775 (Risk Approx 37 Rs . and Reward Approx 60 Rs . Per Share)
