On
daily charts Adani showing positive divergence in RSI,MACD and Stochastic.Got
support at 151.5 on 28 and 31st Aug.One can buy with stoploss of 149 for targets
of 175-185-195 in near term.
VOLUME SPREAD ANALYSIS OF ADANI FOR LAST FOUR DAYS:
28/08/2012 - Open-159 High-159.4 Low-151.5 Close-155.9 Volume= 4,609,696 Stopping Volume. This will be a downbar during a bearish period closing towards the Top accompanied by High volume. A stopping Volume normally indicates that smart money is absorbing the supply which is an Indication that they are Bullish on the stock. HENCE WE CAN EXPECT A REVERSAL IN THE DOWN TREND.
29/08/2012 - Open-156.25 High-157.9 Low-153.2 Close-154.6 Volume= 1,951,065 No Supply. A no supply bar indicates supply has been removed and the SMART MONEY CAN MARKUP THE PRICE. IT IS BETTER TO WAIT FOR CONFIRMATION.
30/08/2012 - Open-155 High-157.5 Low-152.6 Close-155.35 Volume= 2,640,479 Strength Bar. The stock has been in a down Trend. An upbar with higher Volume closing near the High is a sign of strength returning. THE DOWNTREND IS LIKELY TO REVERSE SOON.
31/08/2012 - High-157.8 Low-151.5 Open-155 Close-155.8 Volume= 2,047,996 .The previous bar saw strength coming back. THIS UPBAR CONFIRMS STRENGTH.
