ADANI EN­TER­PRISES

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Can I buy Adani En­ter­prises as it has fallen a lot

AVOID ADANI EN­TER­PRISES FOR NOW, EN­TER ON CLOSE ABOVE RS 156

Adani En­ter­prises is cur­rently trad­ing at Rs 141.95. Its un­ad­justed 52-week high/low stand at Rs 236.70/Rs 101.05 made on Au­gust 29, 2018 and July 2, 2018, re­spec­tively, show­ing sud­den up­surge. How­ever, the stock could not sus­tain and fell more than 80% of the prior sharp up­ward move. Mean­while, it also breached its 100-day and 200day EMA sup­ports. Re­cently, the vol­umes are rea­son­able and the os­cil­la­tors are ly­ing in the over­sold zone. The stock formed a ham­mer on Septem­ber 25. Be­low the cur­rent low of Rs 125.65, the stock has a mul­ti­ple sup­port zone near Rs 104 level. We sug­gest you to avoid for now.

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