ADANI EN­TER­PRISES

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CMP: ₹196.50

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.

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