Adani Ports may test Rs 356: Mithil Pradhan

Mithil Pradhan of Violet Arc Global Managers told CNBC-TV18, "Adani Ports has created a flag pattern which is an Elliot pattern and at the same time it has created a falling wedge pattern which is a flag pattern again. It is oversold on the weekly scale, so there is a lot of upside with very less amount of downside. I am looking at Rs 356 as the ideal target but then I will not be surprised if it goes to about Rs 370-380. The long term chart is looking absolutely fantastic."

At 14:25 hrs Adani Ports and Special Economic Zone was quoting at Rs 318.25, up Rs 1.80, or 0.57 percent. It has touched an intraday high of Rs 323.35 and an intraday low of Rs 313.90.

Disclosure: Analyst has no personal holdings and neither his company holds the stock.