Adani Ports broke out to new high above 180 in March 2014 and after few weeks of consolidation - rallied with great strength and doubled to 360 by August 2015. It was an impressive rally.
But the big question now: What's Next?
Is stock done with bull market or this is just the beginning of a HUUGE bull market? Generally, you trust trends to persist. Stocks rally, and then they consolidate - form some base and then rally hard again.
Is Adani Ports doing the same in 2015?
In 2015, Adani Port stock has formed a solid base at 295. It means a great level to buy if one believes in Long term Bull market in the stock. Adani Ports once again is at 295. Can this be one last time before stock takes off for a impressive bull market. We will wait and see.
Please remember, any decline below 295 will result in some short term selling and re-evaluation of the bull market in the stock.
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Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers