Company Overview:
Adani Ports and Special Economic Zone Limited (NSI: ADANIPORTS) is an India-based integrated ports and logistics company. It primarily engaged in developing, operating, and maintaining the ports services, ports-related infrastructure development activities and development of infrastructure at the contiguous special economic zone at Mundra.

Technical Observation:
On the Weekly chart, stock prices have been sustaining above a falling trend line breakout level for the past couple of weeks and recently started to move upward, indicating a positive momentum buildup in the stock prices. The recent positive movement in the stock is accompanied by increased volumes, further supporting a positive bias.

The RSI (14-period) is moving north from the midpoint with a current reading of 66.51, indicating a positive price movement. The trend following indicators 21-period and 50-period SMAs are below the current market price (CMP) and may act as the dynamic support levels for the stock in the near future.

Support/ Resistance Summary:

After analysing the current price action and the technical chart, Adani Ports and Special Economic Zone Limited is likely to continue its current trend. Going by the chart pattern and technical indicators, a sustainable move at current levels may take prices towards the next resistance levels. However, a fresh correction might occur in the stock prices if it penetrates its closest support level.

The reference date for all price data, currency, technical indicators, support, and resistance levels is August 18, 2023. The reference data in this report has been partly sourced from REFINITIV.

Note: Trading decisions require a thorough analysis by individuals. The technical analysis article generally charts out metrics that individuals may assess before any stock evaluation. The above are illustrative analytical factors used for evaluating the stocks. Past performance is neither an indicator nor a guarantee of future performance.

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