Adani Ports & Special Economic Zone Ltd

NSE :ADANIPORTS   BSE :532921  Sector : Infrastructure Developers & Operators

Adani Ports share dropped Rs.158.65 per share at one point in time and hit an intraday low of 681.1 on NSE at 9:41 am. A drop of 18.89% was seen in the first hour of trading. The stock recovered from an intraday low and closed at 768.10, with a loss of 8.49%.

The big drop in the shares of Asia’s second Richest man Gautam Adani’s group, fell in the wake of a report by Economic Times that stated accounts of three foreign funds were frozen by the National Securities Depository (NSDL). These three foreign funds have a staggering investment of 435 billion rupees in Adani Group companies.

What’s Ahead? Technical outlook of ADANIPORTS:

Stock on account of news opened a gap down, and strong hands poured money into the stock, buying the stock at lower levels. ADANI PORTS is the classic case of news flows being plotted to accumulate the stock at lower levels and create panic for retail traders. Stock in Monday’s trading session broke the trend line support, and now this trend line support will act as the resistance for the stock. As the trend for the stock is still intact and is an uptrend, it’s likely to break the resistance level of 778. We recommend safe traders stay away from volatility. For those with higher capital and high-risk appetite, we recommend swing traders to enter buy if 785 is breached, i.e. Monday’s high. Targets on the upside will be 850-860. Stop-loss should be placed below 725