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NSE ADANITRANS – Elliott Wave Projection

Free nse ADANITRANS chart calls

Free nse ADANITRANS chart calls

Timeframe: 4-h

After making a high of 4236, Adani Transmission started forming wave (A) of correction, which occurred at 2998. There is a contracting triangle in wave (B), and the price retraced 38.2% of wave (A), indicating that supply pressure is powerful.

Price has broken down triangle and 200 MA with a strong bearish candle. It is moving towards crucial support at 3046, and if it sustains below this level, we can expect good bearish moves to the following targets: 2980 – 2890 – 2820.

On the other hand, traders must confirm that the breakout of the channel will start the prior trend to move higher.

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