Action till date - We all have earlier witnessed what kind of momentum Adani power can demonstrate. Since the news triggered a fall in Adani group stocks, most of the group stocks have recovered by 40-50% and are currently trading in a range. The same is the case with Adani Power which currently is consolidating in the price range ranging from 89.65 to 106.45.
What to expect -
Upside - One may initiate a long trade in the stock once it decisively (Range & volume expansion) breaks above the level of 106.45 for the below-mentioned targets T1 - 133.25 T2 - 160 SL - Below 89.65 on a daily closing basis.
Downside - One may initiate a Short trade in the stock once it decisively (Range & volume expansion) breaks below the level of 89.65 for the below-mentioned targets T1 - 70.10 T2 - 60 SL - 106.45 above 106.45 on a daily closing basis.
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