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Shares of Adani Ports and Special Economic Zone Ltd slipped in Tuesday’s trade after the company suspended its vessel operations at Mundra and Tuna ports. The suspension of vessel operations was being done in view of an advisory issued by the India Metrological Department (IMD) on expected cyclone storm ‘Biparjoy’, Adani Ports stated in an exchange filing.
“It (the cyclonic storm ‘Biparjoy’) is very likely to move nearly northward till the morning of June 14, then move north-north eastwards and cross Saurashtra and Kutch and adjoining Pakistan coasts between Mandvi (Gujarat) and Karachi (Pakistan) around noon of June 15 as a very severe cyclonic storm with a maximum sustained wind speed of 125-135 kmph (kilometer per hour) gusting to 150 kmph,” the weather office said.
The stock today fell 0.97 per cent to hit a day low of Rs 735.05 over its previous close of Rs 742.25. The stock is up 6.11 per cent in the past one month but has fallen 10.45 per cent in 2023 so far.
On technical setup, support on the counter could be seen at Rs 733.
Vaibhav Kaushik, Research Analyst at GCL Broking, said, “Adani Ports is under consolidation between Rs 690 to Rs 790. If it sustains above Rs 790, then it can go up to Rs 888. In that situation, keep a stop loss placed at Rs 736. Conditional buy only above Rs 790 on a closing basis.”
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AR Ramachandran from Tips2trades said, “Adani Ports looks slightly bearish on the daily charts with strong resistance at Rs 751. A daily close below support of Rs 733 could lead to targets of Rs 710-695 in the near term.”
VLA Ambala, Research Analyst at Stock Market Today, said, “Right now, Adani Ports is available at its 1.5-year-old price and with a 25 per cent discount from its all-time high. For long-time investors, this could be an opportunity to enter now with a view of dip buying investment opportunities. Currently, it is trading at Rs 735 and a safe breakout sustaining buying is above Rs 750. Targets that we could see in it are between Rs 850 and Rs 1,100 with a strict stop loss point at Rs 620.”
The stock was last seen trading higher than the 20-day, 50- and 100-day moving averages but lower than the 5-day and 200-day moving averages. The counter’s 14-day relative strength index (RSI) came at 59.75. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a negative price-to-earnings (P/E) ratio of 334.43. It has a price-to-book (P/B) value of 5.67.
That said, the scrip has an average target price of Rs 1,178.33, Trendlyne data showed, suggesting a potential upside of 60.10 per cent. It has a one-year beta of 1.74, indicating high volatility on the counter.
Meanwhile, Indian equity benchmarks were seen trading with sharp gains today, led by strong buying interest in consumer, metals, pharma, energy and technology stocks.
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