Adani Ports and Special Economic Zone Limited (ADANIPORTS) Stock - Complete Technical Analysis - Dec 23, 2024

Adani Ports Stock Analysis: Technical Breakdown & Trading Strategy

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Adani Ports is currently facing a bearish bias, evidenced by its position below key moving averages like the 50-day and 200-day SMA. The MACD is bearish, with the histogram below the signal line. The RSI is below 50, confirming weakness in the stock. The ADX suggests a strong trend, but the direction is bearish given the overall price action. The recent price action has shown a clear downtrend with a series of lower highs and lower lows. Support levels can be identified around the 200-day SMA and the previous swing low. Resistance is likely to be encountered at the 50-day SMA and the recent swing high. Traders should adopt a cautious approach and consider short-term trading strategies, such as shorting on a break below the recent swing low or entering long positions on a break above the 50-day SMA with a well-defined stop-loss order.