Investors with a short-term perspective can consider selling the stock Adani Transmission at current levels.
The stock has been in a medium-term downtrend since recording a new high at ₹252 in late January. While trending down, the stock decisively breached a key support at ₹175 in late April. Since then, the stock has been in a short-term downtrend. The stock trades well below its 50- and 200-day moving averages.
On Tuesday, the stock fell about 3 per cent accompanied with an extraordinary volume. Both the daily and weekly relative strength indices are featuring in the bearish zone backing the bearish momentum. There is an increase in volume during declines. The stock witnesses selling pressure at higher levels.
Short-term outlook is bearish for the stock of Adani Transmission. The stock can extend its downtrend and hit the price targets of ₹126 and ₹123 in the coming trading session. Traders with a short-term perspective can sell the stock with a stop-loss at ₹134 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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