As per my analysis, best level to take entry on NSE:ADANITRANS is 2606 with stop loss of 2546 (-60 Points). Can hold till targets of 2674, 2805 & 3050.This could be low risk and high reward trade idea.
Note: This is my personal analysis, only for learning. Thanks.
The stock has broken out and retested, therefore may undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby.
Risk Reward Ratio - 2:1
SL is placed below the support zone & the lower trendline. The target is placed near resistance.
Here is my analysis,
5 Elliott waves completed, on the weekly chart this needs to be retrace because of long-run, after retracing at 0.38 level, Adani transmission will be very bullish.
The target for Adani Transmission Rs. 516
Breakout - can take this target even higher
Wave 3 ends at 516 - followed by minor correction then target will be even higher in long term
