adani ports stock update: Breakout Stocks: How to trade Adani Power, Adani Ports and M&M on Wednesday

Indian market closed in the green for the sixth day in a row on Tuesday. The S&P BSE Sensex rose more than 400 points while the Nifty50 closed above 20,800 levels.

Sectorally, buying was seen in utilities, power, oil & gas, and the public sector while selling was seen in realty, IT, telecom, and healthcare.

Stocks that hit an all-time high include names like Adani Power which was up nearly 16%, Adani Ports which rose more than 15% and M&M which closed with gains of nearly 2% on Tuesday.

We have collated a list of three stocks that either hit a fresh 52-week high, or an all-time high or saw a volume or a price breakout.
We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view:

Here’s what Hariprasad Kizhakkethara, SEBI Registered RA (INH200009351), Director of Livelong Wealth, had to say:

Adani Ports

The stock has broken its earlier all-time high of 990 price level and is heading toward its targets which is of Rs 1,093 level as T1 and the Rs 1,186 level as T2.

The stock is experiencing good buying pressure, and it has even crossed 50MA in the volumes chart.Looking at the fundamentals, the sales is growing at a very good rate, from 12,500 crore in 2021 it went to 20,852 crore in 2023 at 21% CAGR of 3 years and the company’s net profit is relatively very good with 18% CAGR of 3 years.

Adani Power
The stock has given a breakout from the important resistance trendline and is heading toward its targets, which are Rs 717 level as T1 and Rs 900 level as T2.

The stock is experiencing good buying pressure, and it has even crossed 50MA in the volumes chart.

Looking at the fundamentals, the sales is growing at a very good rate, from 26,221 crore in 2021 it went to 38,773 crore in 2023 at 14% CAGR of 3 years and the company’s net profit is relatively very good with a 31% CAGR of 3 years.

M&M
The stock has given a breakout from the important Triangular pattern and is heading toward its target which is of Rs 1972 level as T1.

The stock is experiencing good buying pressure, and even it has crossed 50MA in the volumes chart.

Looking at the fundamentals, the sales is growing at a very good rate, from 74,278 crore in 2021 it went to 121,269 crore in 2023 at 17% CAGR of 3 years and the company’s net profit is relatively very good with 143% CAGR of 3 years.

(Subscribe to ETMarkets WhatsApp channel)

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)