Dinesh Rohira
Adani Ports witnessed a strong upward momentum over one month after making a healthy consolidation from an upper price-band of 399-380 levels towards a low of 300 odd levels.
Post this lower base, the scrip continued to trade on a positive trajectory and this week it made an important breakout from its 200-days moving average placed at 364 levels on closing basis.
Along with strong volume growth, the scrip also formed a bullish candlestick pattern on its weekly price chart.
Further, the momentum indicator favored the current trend with RSI at 68 levels coupled with MACD trading above its Single-Line. We have a buy recommendation for Adani Ports which is currently trading at Rs. 368.15.
The author is Founder & CEO, 5nance.com.
Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
