Adani Ports witnessed a strong upward momentum over one month after making a healthy consolidation from an upper price-band of 399-380 levels towards a low of 300 odd levels.
Post this lower base, the scrip continued to trade on a positive trajectory and this week it made an important breakout from its 200-days moving average placed at 364 levels on closing basis.
Along with strong volume growth, the scrip also formed a bullish candlestick pattern on its weekly price chart.
Further, the momentum indicator favored the current trend with RSI at 68 levels coupled with MACD trading above its Single-Line. We have a buy recommendation for Adani Ports which is currently trading at Rs. 368.15.
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