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Investors with a short-term perspective can consider buying the stock of Adani Transmission at current levels. Since early 2016 low of ₹26, the stock has been in a long-term uptrend. The corrective fall from the high around ₹135 found support at around ₹105 in mid-August 2017. Subsequently, the stock resumed its up move and has been in a medium-term uptrend.
On Friday, the stock gained 4 per cent with an above average volume, breaching another key resistance level of ₹146. The stock hovers well above its 21- and 50-day moving averages. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI continue to feature in the bullish zone. Both the daily and weekly price rate of change indicators hover in the positive territory implying buying interest.
Outlook is bullish for the stock of Adani Transmission. Traders with a short-term view can buy the stock with a stop-loss at ₹149. Targets are ₹158.5 and ₹162.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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