Trade Idea of The Day - Adani Enterprises Limited Target Rs. 65 - Religare Broking Ltd
Adani Enterprises Limited
BUY 29 SEP 2900 PUT SELL 29 SEP 2800 PUT Entry Range 28 – 32 Target 65 Stop Loss 20
Rationale
• On the daily chart, ADANIENT witnessed significant profit-taking at higher levels, indicating a robust bearish move and a decisive deterioration in the short-term technical structure. The stock prices have slipped below the 20-DEMA as well as the 50-DEMA zone, turning the immediate trend cautious.
• The recent rejection from the 3,150-3,200 zones highlights strong overhead resistance, while the formation of a sharp bearish candle signals aggressive supply at higher levels. Sustained trading below this level could keep selling pressure intact; recovery attempts are likely to face renewed selling pressure.
• Momentum indicators have also weakened, with RSI witnessed a fall below 40 marks, suggesting fading buying momentum. The weekly MACD has generated a bearish crossover, while the histogram has turned negative, reinforcing the cautious undertone.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
