ADANI POWER pick as positional due to bullish technical indicators, stock recently get trend line breakout after consolidation around 95 to 100 level and give good upmove ..last 3-4 trading session nifty sharply corrected 700-800 points ..effect of which stock get corrected bit .. now around same level golden crossover as well as trend line breakout seen.
this is fair level of stock to buy where technical indicators are extremely bullish, Risk to reward ration is around 1:2 from current level 10-20 % profit can seen from cmp 109.95 Short term stock can see 125-135 and mid term 140-150 level if quarter result improves .
fundamentally co have to improve profit margin to go for long in this stock ..at present its pure technical call to get 10-20% POSITIONAL trade short term.
Techncial indicators.
1. Trendline breakout
2. Golden cross 20,50,200 sma
3 Double bottom formation at consolidation
4. RSI VALUE 61 ( 60-80) bullish when stoock uptrend
5. Higher top higher bottom formation
6. MACD above center and signal line
** PLEASE DO OWN ANLYSIS THIS IDEA CAN HELP FOR EDUCATION PURPOSE.. take call at own risk .!
HAPPY TRADING. !