TECHNICAL ANALYSIS STOCK ADANI TRANSMISSION CHART

                                  ADANI TRANSMISSION CHART

Adani Transmissions traded in a positive trajectory on its weekly price chart after making a sustain correction in the last six months in a range of Rs 235-120 levels

· It recently witnessed a strong momentum favoring the bullish trajectory as it managed to break out from the crucial moving average level of Rs 151-143, and made a gain of about 10 percent on weekly basis begged by volume buildup.

· On the weekly price chart, the scrip registered a strong bullish candlestick pattern indicating a sustained rally after decisively closing above crucial levels.

·       Further, the weekly RSI at 50 levels which is above the previous level hints at a favorable divergence coupled with the positive signal on MACD trading above Signal-Line.

·   The Adani Transmissions is currently holding resistance level at Rs 194 and support level at Rs 141.

We have a buy recommendation for Adani Transmissions which is currently trading at Rs 160.85 and target 172 -189 stop loss below 142.50.

Stock resistance (daily)

·       Resistance  1      -  169

·       Resistance 2       -  176

·       Resistance 3       -  301

Stock Support   (daily)

·       Support 1       -  151

·       Support 2       -  143

·       Support 3       -  125

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