Adani Ports - Is there a Breakout round the corner
Action Till Date - Since the news-based fall has come in the Adani group shares, Adani ports, along with other Adani group stocks has been trading in a range with most of the stocks yet to gather the steam. While Adaniports has shown some good momentum in the starting week of the September series, it didn't give a decisive breakout from the consolidation price range ranging from 654 to 762. As one can see in the chart that the stock has formed a classic flag n pole structure and the stock didn't sustain in the flag range.
What to expect -
Downside - As discussed, the stock didn't sustain into the flag structure and it is taking support @ 100 DMA (734.88 as of 22.09.2021). If the stock gives a breakdown, there is a 90% chance for the stock to retrace till the level of flag bottom i.e., 719. If the broader market takes a breather and the stock manages to break the level of 719, one may expect the stock to test 655-54. SL will be 100 DMA on a closing basis.
Upside - If the stock gives a bounce back from 100 DMA, it will fill the gap at 803-821 (created on 14.06.2021) which will be it's first target. The stock may go for a small retracement post which it will be all set to take out it's life-time high. SL should be placed below 760 on a daily closing basis.
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What to expect -
Downside - As discussed, the stock didn't sustain into the flag structure and it is taking support @ 100 DMA (734.88 as of 22.09.2021). If the stock gives a breakdown, there is a 90% chance for the stock to retrace till the level of flag bottom i.e., 719. If the broader market takes a breather and the stock manages to break the level of 719, one may expect the stock to test 655-54. SL will be 100 DMA on a closing basis.
Upside - If the stock gives a bounce back from 100 DMA, it will fill the gap at 803-821 (created on 14.06.2021) which will be it's first target. The stock may go for a small retracement post which it will be all set to take out it's life-time high. SL should be placed below 760 on a daily closing basis.
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Trade active:
The stock has almost hit the T1 on the upside, those who are already having a long position should carry the same with an SL below 760 on a daily closing basis. Those who want to make a fresh long position may wait for a small pullback till the levels of 795-800
Trade closed: target reached