Adani Ports & Special Economic Zone Ltd

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

ADANIPORTS is a nifty candidate, today on Thursday 17-June-2021 stock crashed by 8.46% and closed at 646.90. In the last seven trading sessions, the stock from a high of 901, touched low 638.35 today. A correction of 29% from highs.

Stock has seen corrections on the issue of corporate governance and in the last few years we have seen best performing stocks like YESBANK, DHFL, RELIANCE INFRA, RELIANCE CAPITAL becoming penny stocks on issues of corporate governance. It’s better to take an exit from the stock and we suggest not to invest any fresh money in the stock till this issue of corporate governance is resolved.

What’s Ahead? Technical outlook of ADANIPORTS:

More than technical, sentiments are playing the main role in the recent fall of price of ADANIPORTS. Stock in the last few trading sessions breached key moving averages (10,20,50 & 100 EMA) and heading towards 200 Exponential moving average at 600-605.

On Daily charts stock has formed “Double Top Pattern” which is a bearish price pattern and it is more significant when formed around all time highs. Overall market is in the correction mode and there seems to be more cracks ahead for the June 21 series expiry.

We suggest an exit from ADANIPORTS on price rise and stay away from the stock for a few trading sessions. Key support levels to watch out would be 200 Days EMA at 600-605 and Key resistance levels would be 702-705 i.e. 100 Days EMA. Stock is trading wild and one should trade with low quantity. We have selling recommendations on the stock with a stop loss of 704 for the targets of 605 and 550.