Stock name: Adani Ports

Pattern: Breakdown and retest

Time frame: Weekly

Observation:

The stock has been into a consolidation for a long time and has very recently, on the on flow of news, broken down from the support on very huge volumes. We can also see that the stock has done a re-test of the said breakdown level and the same level is now acting as a resistance.

Please also note that when there is a lot of news coming, technical charts take a back seat and the news can affect the stock price in the short term.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Q3 results update: Vedanta Limited
Consolidated revenue flat YoY
Consolidated PBT 50% down YoY
OPM at 21%, lowest in last many quarter
Please note that this is a cyclical business

2) Sun Pharma acquired Disperzyme and Phlogam brands to strengthen its anti-inflammatory portfolio.

3) Cotton futures trading, suspended on the MCX to curb excessive speculation, is set to resume after a five-month gap in relief for farmers reliant on the market for price signals.

4) ACC, Apar Industries, BASF, Blue Star, BNR Udyog, Coal India, GE Shipping, GNA Axles, Godrej Consumer, IFB Agro, Indian Hotels, IOC, Jindal Steel, KPIT Tech, MOIL, Paradeep Phosphates, PCBL, Power Grid Corp., Railtel, Shriram Finance, Star Health, Sun Pharma, TCI Express and UPL are amongst the companies which will post their quarterly results tomorrow.