ENIL AVOID ENIL FOR NOW
Can I buy shares of ENIL as it has fallen a lot?
ENIL is currently trading at Rs 846. Its 52-week high/low stand at Rs 1008/Rs 667 made on July 5, 2017 and November 25, 2016, respectively. Considering the weekly time frame, the stock has been trading in a gradually upward sloping range which has a trendline support at around Rs 745 level. Considering the daily time frame, the stock recently has been moving sideways after a sharp fall from its all-time high levels. Its 14-period RSI has just given a positive crossover in the oversold zone. However, volumes are very low and a bounce could be just short covering. Hence, we suggest you to avoid entering now.