Buy Adani Ports and SEZ in range of Rs. 360-370
Target: Rs. 430
Stop Loss: Rs. 335
Time frame: Three months
Derivatives & Quantitative Outlook
Adani Port has been consolidating between Rs. 310 and 360 for the last four months. However, this time almost five-month high delivery volumes were seen when it was recovering from lower support. We believe buying interest is increasing in the stock.
The open interest in Adani Port has declined significantly amid the resilience shown by the stock. The stock had made a high of Rs. 366 in July 2020. After four months, it has again reached these levels. Factually, in the last couple of months, profit booking was seen repeatedly from Rs. 360-365. However, since April 2020, shorts have been continuously reducing, indicating lower rollover of short positions. We believe fresh longs may be added in the stock if it sustains above Rs. 360 levels for fresh upsides.
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_AdaniPorts_Oct20.pdf
Shares of ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD. was last trading in BSE at Rs.352.5 as compared to the previous close of Rs. 364. The total number of shares traded during the day was 70757 in over 1518 trades.
The stock hit an intraday high of Rs. 369.9 and intraday low of 352.5. The net turnover during the day was Rs. 25566046.