Adani Ports & Special Economic Zone Ltd Shows Bullish Momentum Amid Technical Upgrades

Technical Trend Evolution and Price Momentum

The stock closed at ₹1,489.15 on 5 Jan 2026, marking a modest gain of 0.55% from the previous close of ₹1,481.00. Intraday price action saw a high of ₹1,495.15 and a low of ₹1,479.00, reflecting a relatively tight trading range but with a positive bias. The 52-week price range remains broad, with a low of ₹1,011.00 and a high of ₹1,548.60, indicating significant volatility over the past year but also ample room for growth.

Adani Ports’ technical trend has upgraded from mildly bullish to bullish, signalling a strengthening in price momentum. This is supported by the daily moving averages, which are firmly bullish, suggesting that short-term price action is aligned with longer-term upward trends. The stock’s current price is comfortably above key moving averages, reinforcing the positive technical outlook.

MACD and RSI: Mixed Signals but Leaning Bullish

The Moving Average Convergence Divergence (MACD) indicator presents a nuanced picture. On a weekly basis, the MACD remains mildly bearish, indicating some short-term caution among traders. However, the monthly MACD has turned bullish, signalling that the longer-term momentum is improving. This divergence between weekly and monthly MACD readings suggests that while short-term volatility may persist, the broader trend favours accumulation and upward price movement.

The Relative Strength Index (RSI) on both weekly and monthly charts currently shows no definitive signal, hovering in neutral territory. This lack of overbought or oversold conditions implies that the stock has room to move higher without immediate risk of a technical pullback, which is a positive sign for investors looking for sustained momentum.

Bollinger Bands and Moving Averages Confirm Strength

Bollinger Bands on both weekly and monthly timeframes are bullish, indicating that price volatility is expanding to the upside and that the stock is trending strongly. The bands are widening, which often precedes significant price moves, and the stock price is trading near the upper band, a classic sign of bullish momentum.

Daily moving averages reinforce this positive outlook, with the stock price consistently above its short-term and medium-term averages. This alignment of moving averages is a hallmark of a healthy uptrend and suggests that buying interest remains robust.

Volume and KST Indicators Support Bullish Case

On the volume front, the On-Balance Volume (OBV) indicator is bullish on both weekly and monthly charts, signalling that buying pressure is increasing and volume is confirming price advances. This is a critical confirmation for technical analysts, as rising volume alongside price gains typically validates the strength of a trend.

The Know Sure Thing (KST) oscillator presents a mixed view: weekly KST is bullish, reinforcing short-term momentum, while the monthly KST remains mildly bearish, suggesting some caution over the longer horizon. This divergence may indicate that while the stock is poised for near-term gains, investors should monitor monthly signals for any emerging weakness.

Dow Theory and Broader Market Context

According to Dow Theory, the weekly trend is mildly bearish, while the monthly trend shows no clear direction. This suggests that despite positive technical signals, the stock is still navigating some resistance and market uncertainty at the weekly level. Investors should weigh these signals carefully, especially in the context of broader market movements.

Comparing Adani Ports’ returns with the Sensex reveals a strong outperformance over multiple timeframes. The stock has delivered a 21.5% return over the past year versus Sensex’s 7.28%, and an impressive 195.76% over five years compared to the Sensex’s 79.16%. Over a decade, the stock’s return of 456.69% dwarfs the Sensex’s 227.83%, underscoring its long-term growth credentials within the transport infrastructure sector.

Mojo Score Upgrade Reflects Improving Fundamentals

MarketsMOJO has upgraded Adani Ports’ Mojo Grade from Sell to Hold as of 8 Sep 2025, with a current Mojo Score of 64.0. This reflects an improved technical and fundamental outlook, though the stock remains in a cautious stance relative to a Strong Buy rating. The Market Cap Grade remains at 1, indicating a large-cap status but with room for further quality improvements.

Day-to-day price changes remain modest, with a 0.55% gain on the latest trading session, suggesting steady investor confidence without excessive volatility. This stability is often favoured by institutional investors seeking reliable infrastructure plays.

Investor Takeaway and Outlook

Adani Ports & Special Economic Zone Ltd is currently exhibiting a technical profile that favours bullish momentum, supported by key indicators such as moving averages, Bollinger Bands, and OBV. While some mixed signals from MACD and KST on weekly and monthly timeframes suggest caution, the overall trend is positive, especially when viewed in the context of the stock’s strong historical returns and recent Mojo Grade upgrade.

Investors should monitor the weekly MACD and Dow Theory signals for any signs of short-term weakness, but the absence of RSI extremes and the bullish volume indicators provide confidence in the sustainability of the current uptrend. Given the stock’s leadership in the transport infrastructure sector and its outperformance relative to the Sensex, it remains an attractive holding for those seeking exposure to India’s growing logistics and port operations.

In summary, the technical momentum shift in Adani Ports suggests a favourable environment for price appreciation, with a Hold rating reflecting balanced risk and reward. Market participants should continue to track evolving technical signals alongside fundamental developments to optimise their investment decisions.

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