Adani Ports: How to capture move in range bound market!

One of the important aspects is to know what the real trend of the market is. Technical analysis provides you a clear view of market by studying the charts. This allows us to know which strategy i.e sell on rise, breakout or buy on dips; to apply for capturing the move.

Below is the chart showing detail analysis using Channeling technique along with Elliott wave to capture the move in this range-bound market.

Adani Port 60 mins chart:(Anticipated as on 16^th of November, 2018)

 Adani Port 60 mins chart:(Happened as on 26^th of November, 2018)

 

(Below is the gist taken from equity report published under the name of “The Financial Waves Short Term Update”)

Elliot Wave analysis:

Anticipated: Adani ports post witnessing a fall from 388 levels is showing some attempt for positive recovery, while just like every other stock it moved within the range and managed to break above the range yesterday. The stock managed to close the day with a gain of nearly 4.30% and was also among the top gainers in the Nifty Index. As shown on hourly chart, we are seeing complex corrective pattern under formation within which wave b of (x) looks to have completed near 330 levels but since prices are just breaking above the channel resistance it would be too soon to confirm the same; hence a break above 350 would affirm that wave c has started and prices could approach higher levels. In short, Adani ports looks sideways to positive. A decisive break above 350 can take the prices towards 365 or higher levels while a move back into the range would keep wave b ongoing that could result into sideways action! BANG ON!!

Happened: Prices moved as expected, giving a break above the important resistance of 350 and move towards higher levels of 365.

The above analysis clearly shows how well this technique works. Get access to our “The Financial Waves short term update” is daily equity research report covering Nifty and 3 stocks providing detailed analysis using Elliott wave and other technical analysis methods. Subscribe here