ADANIPORTS trade ideas
ADANI PORTS ANALYSIS 29-04-2019Currently ,Adani ports is looking strong on daily,But its major trend is bearish on weekly chart.We can see the that the price is making higher high and higher low while the MACD is making lower high and low ,that is what is called as bearish divergence,we can say that the daily bullish monetum has been lost and price will not be continuing its bullishness with much strength and may correct ,also macd has given its bearish crossover also,plus adani ports has a very good tested resistance of 400 level.So based on current IV of adani ports ,we should think of selling calls of strike of 430 & above it.
ADANIPORTS - Buy IdeaPremise:
1. A Regular Bullish Divergence will be formed after a retrace up and a deep dive down
2. This move will happen within ten weeks
3. The former resistance at 252 will be strong support
Execution:
1. Buy at 252
2. Stop Loss at 170
3. Target 1 : 452
4. Target 2 : 571
Result:
1. A 2:1 to 3.83:1 RR trade is completed