Share Price of Adani ports and Special economic zone rallied upto 6% and now trading at price level 270.00, extending it’s previous gain on BSE after the company reported a good set numbers on Q1 announcement. Growing Cargo volumes and operational efficiencies increased the companies price earnings also stabilized their balance sheet. The promoters holding the company stood at 56.68%, while institutions and Non Institutions held 37.33% and 5.99% respectively.
Adani Ports and Economic Zones Share Price Action Jumps
In Past one week the stock prices gained 13% from 240.00 when compared to marginal 0.3% rise in BSE sensex. Adani Ports was trading in a price channel before the Q1 announcement. Share price action jumps after the company reported 31% increase in its year on year net profit rate. The gains stood at 836 crore for the quarter ended in June 30, 2016. Momentum behind the Price action significantly increased after the Q1 results. Eventually prices also broke the longstanding resistance zone at 241.00 -250.00.
Market Broke the Multi Month Resistance Level
Price action broke the Multi month resistance zone at 241.00-250.00 after Q1 earnings result. The force behind the breakout indicates a large initiation of buy orders which must have consumed the resisting selling pressure. Bullish candlesticks got stronger after prices broke the resistance zone. From the perspective of lower time frame the move is also seen as climax pattern. So Traders should kindly wait for retest and observe how selling pressure reacts. We can focus to capture the weakness of sellers if they fail to sustain.
