BSE Code: 532921
I am holding shares of Adani Port bought at Rs 420 level. What should I do, hold or book profits?
- Ashish Gokhale
HOLD ADANI PORT WITH A STOP LOSS OF RS 410
Adani Port is currently trading at Rs 433.55. Its 52-week high/low stand at Rs 443.35/Rs 2246 made on November 6, 2017 and November 21, 2016, respectively, which shows an uptrend in the stock. The stock has witnessed higher tops and higher bottoms almost since August 2016. The stock’s recent rally from Rs 364 level has fetched nearly 21% return on its 52-week/ all-time high level. Hence, going forward, the stock may consolidate or correct followed by a bounce back. The stock is already in consolidation mode and if it corrects, Rs 424 followed by Rs 413 would be the support levels. Hence, we suggest you to hold for now and follow a strict stop loss at or below Rs 410 level.