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Adani Power: Looking for alternative power

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Adani Power
CMP 47.35

- We observe a sudden surge in the stock from 34 odd levels to 64

- the red zone has acted as a major resistance zone since 2013

- it again acted as resistance and the stock has tumbled to 47

- this could be a case of pump and dump however at current levels of 47 the stock is at multiple support zone levels

- & if the stock is able to hold on to this zone of 38-47, then the chart pattern has a strong probability to go past the big resistance zone around 66 in it's next attempt

- once it crosses, doors would open up for movement towards 96 / 115 levels

One may consider buying in staggered manner for medium to longer time horizon.
Pattern gets invalidated if trades below 34

Take care & safe trading...!!!

Disclaimer:
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- Do your own analysis and consult your financial adviser if need be

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