Adani Port has undergone narrow range consolidation since beginning of this year and continues to majorly trade between levels of Rs.295 to Rs.375.
The recent correction in stock price (from about Rs.375 to Rs.295) provides a good opportunity for investors to use dips to accumulate the stock in anticipation of stock re-testing the higher zone once again.
RSI after moving below 35 mark has once again started reversing and historically, since
past one year this has always given good opportunity for strong bounce back.
Thus, for today’s trade, long position can be initiated only in Rs.310-300 range for target of Rs.350-360 with a stop loss of Rs.290.