Trade Idea of The Day - Adani Enterprises Limited Target Rs.70 - Religare Broking Ltd
Adani Enterprises Limited
BUY 23 NOV 2650 CALL SELL 23 NOV 2550 CALL Entry Range 30 – 33 Target 70 Stop Loss 18
Rationale
• ADANIENT continues to exhibit a bearish technical structure, with the recent recovery facing selling pressure near the falling trendline resistance. The stock is struggling to establish a sustained breakout, indicating a lack of strong buying conviction.
• The immediate hurdle remains aligned around the 2,750-2,780 zone, where the descending trendline and moving averages converge. Failure to surpass this resistance could keep the prevailing corrective trend intact.
• On the downside, a decisive break below the 20-DEMA near 2,670 could trigger fresh selling pressure, opening the downside potential towards 2,550-2,520 zone. Hence, a decisive breakdown approach remains preferable.
• Momentum indicators continue to signal caution, as the weekly MACD histogram remains in negative territory, while the daily histogram is witnessing a gradual decline, indicating fading recovery momentum. A bearish bias is therefore preferred below 2,670.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
