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Adani Power Ltd - Technical Analysis - 4/19/2016

NSE:ADANIPOWER   ADANI POWER LTD
27 0 1
Stock of Adani Power Ltd has been consolidating in twenties for almost a year now. As the trading aphorism goes, which can't go down is going to go up. Resistance at 35 / 36 is significant and it has stalled the progress at the beginning of the year. But for last two months, dips have been fairly support and now pressure is building up. Support at 30 and 32 are key here and we like to buy it against these support levels. Upside target is 40 in coming sessions which may coincide with NIFTY's push toward 8000.
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