BSE Code: 512599
I hold Adani Enterprises shares bought at Rs 175. What should be my next action?
- Sucharit Roy
BOOK PROFITS IN ADANI ENTERPRISES BELOW RS 189
Adani Enterprises is currently trading at Rs 196.50. Its 52-week high/low stand at Rs 211.07/Rs 99.32 made on February 14, 2018 and August 22, 2017 respectively. The stock had given a Doji at 52-week high and fell, making lower tops and lower bottoms up to Rs 100.85 level on July 2, 2018, making a downward sloping channel pattern on the daily time frame. Thereafter, the stock witnessed a dynamic impulse, gaining 105% up to July 27, 2018. This was on the back of channel pattern breakout at Rs 127.50 on July 13 and 50-day, 100-day and 200-day EMA breakouts. Now the stock is consolidating at higher levels forming a kind of pennant pattern. However, the stock may correct some more as the 14-period RSI has given a negative crossover in overbought zone. We suggest you to book profits if it falls below Rs 189.