Adani Enterprises Ltd

NSE :ADANIENT   BSE :512599  Sector : Trading

Adani Enterprises Ltd hit a fresh record high of Rs.1,430 apiece on the NSE. It rallied 7.6% per cent in Tuesday’s (1-June-2021) trading session . It surpassed its previous record high of Rs.1,351.55 touched on May 19, 2021. The sharp rally, which came on the back of a healthy March quarter performance, has resulted in the company’s market capitalization (m-cap) touching the Rs 1.52-trillion mark.

What’s Ahead? Technical Outlook of ADANIENT:

Since 18-Aug-2020 stock is trading above 50 Days exponential moving average which is strong support for the stock. Also, since 1-Feb-2021 ADANIENT is trading above 10 & 20 EMA which is acting as immediate support for the stock. Stock has formed higher highs and higher lows on daily charts which suggest long term trend for the stock is up and intact till stock holds above 1254.

On Tuesday’s trading session stock broke out of a symmetrical triangle pattern and a sharp up move was seen. The momentum in the stock can continue and the stock can rally further in the next few trading sessions. Comparative RSI shows outperformance in the stock compared with Nifty which signals bullishness in the stock. For short term traders and investors it’s an opportunity to ride the momentum, hence we recommend to go long on stock with stop loss place below 10 EMA i.e. 1309, possible targets in the next few trading sessions are 1495- 1536.

Now Analyze Any Stock Yourself Just In a Few Minutes…

A Free but the Most Powerful Tool For Smarter Analysis of any stock. Analyze any stock at: StockFact – Top Stock Research, Screener And Analysis Tool