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Adani Enterprise Technical Analysis #78: Buy | Target Rs 135 | Arijit Banerjee

OUR RECOMMENDATION

CMP#124.7
IdeaBUY
Buy Range123 – 127
Target135 – 140
StopLoss*120
Duration12 – 15 Trading Sessions
Potential Return^5 – 9%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
124.7BUY123 – 127135 – 14012012 – 15 Trading Sessions5 – 9%

# CMP on Aug 05, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 132.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

Adani Enterprise with its subsidiaries engages in coal trading, coal mining, oil and gas exploration, ports, power generation and transmission, gas distribution, edible oil and agro-business in India and globally. Founded in 1988 In Ahmedabad India, Adani Enterprise is a subsidiary of S.B.Adani Family Trust.

Stock Data
NSE CodeADANIENT
Sectoral IndexNifty 500
52W High236.65
52W Low113
Face Value10
Relative Performance_Adani Enterprise vs Nifty 500

TECHNICAL OBSERVATIONS (WEEKLY)

  • Presently, the stock price has placed just above the upward sloping support line and based on historical price pattern we are expecting the price to go up from here.
Adani Enterprises Weekly Chart
Adani Enterprises Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • After a consistent downtrend in the last 21 days, the stock price has shifted into a sharp upside bounce in last trading session which can be a crucial breakout if the price is moving higher.
  • Price is not falling further over the last 4 days. In fact, the low coincides with previous low which acts as a support. We also notice a base building process that will act as a launchpad for the next up move.
  • The stock has formed Piercing Candlestick near the bottom which is a bullish reversal formation. Normally this type of candlestick suggests the bull has taken control of a security’s price movement from bears.
Adani Enterprises Daily Chart
Adani Enterprises Daily Chart

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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