Here’s what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
The stock is forming a “Double Bottom” pattern, hinting a breakout which becomes certain when the price action sustains over the key support of 725 level. When this occurs, the trend heads in the direction of 800 level. Immediate support falls at 680 and 660 levels.
The price action remains weak, and may enter further bearishness if it hits a new all-time low. A breach of 1100 could see this counter slipping to 1000 level. To break out on the upside, the price must overcome the selling hurdle of 1200.
Adani Green Energy
A sustained move over 1800 could spark a move towards 2000 level, as per the technical setup on the daily chart. On the downside, 1450 appears to be a key support mark. Breakouts over 1800 could build a medium-term bullishness for the stock.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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