Adani Ports has closed at a crucial level and the support zone around 775.
On the weekly charts, the stock has closed below 20 ema and near 61.8% Fibonnaci level.
There is a bearish moving average cross over on the daily time frame and has formed a gravestone doji.
3 points confirmation.
a. Bearish cross over (daily charts).
b. Close below 61.8% fib level.
c. Bearish RSI divergence (weekly chart).
Intraday and swing trades can be initiated once the stock start trading below 772 levels.
The stock can take a halt before cracking as the stock has formed 3 consecutive red candle on weekly charts.
Future traders can carry position of next month expiry.
Target :- 757, 723, 700(for positional trades)
Stop loss :- 800
An intraday entry can also be made once the stock touch 800 level and shows some rejection.
Wait for the price action near the price levels before entering the markets.
On the weekly charts, the stock has closed below 20 ema and near 61.8% Fibonnaci level.
There is a bearish moving average cross over on the daily time frame and has formed a gravestone doji.
3 points confirmation.
a. Bearish cross over (daily charts).
b. Close below 61.8% fib level.
c. Bearish RSI divergence (weekly chart).
Intraday and swing trades can be initiated once the stock start trading below 772 levels.
The stock can take a halt before cracking as the stock has formed 3 consecutive red candle on weekly charts.
Future traders can carry position of next month expiry.
Target :- 757, 723, 700(for positional trades)
Stop loss :- 800
An intraday entry can also be made once the stock touch 800 level and shows some rejection.
Wait for the price action near the price levels before entering the markets.
