Adani Transmission shares gained 1.88% to Rs 798 against the previous close of Rs 783.25 on BSE. The stock opened higher at Rs 795.10 in the third trading session of this week.
Adani Transmission said its consolidated revenue was up 17 per cent at Rs 3,031 crore against Rs 2,582 crore in the same quarter last year, thanks to new transmission lines becoming operational and an uptick in energy consumption.
March 10, 2021
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Investors with a short-term perspective can sell the stock of Adani Transmission at current levels. Since the stock took support at ₹234 in September 2020, it has been in an intermediate-term uptrend. In January this year, the stock took support in the ₹390-₹400 band and continued to trend upwards. The stock rallied sharply in mid-February, surpassing key hurdles at ₹600 and ₹700. However, after registering a new high at ₹854 in early March the stock started to decline. Triggered by negative divergence in the daily relative strength index and the stock appear to have reversed direction recently.
On Tuesday, the stock tumbled 4.4 per cent with good volume breaching a key support at ₹800. The daily RSI is displaying negative divergence and is likely to enter the neutral region from the bullish zone. Moreover, the weekly RSI is also displaying negative divergence implying short to medium-term trend reversal is possible and the indicator is slopping do