Adani Enterprises shares slip from day's high; here's are key levels to watch

Shares of Adani Enterprises Ltd gave up their early gains to trade mostly flat on Wednesday, after the euphoria over Supreme Court's verdict settled down. The flagship company of Adani Group had rallied more than 9 per cent during the session and dropped about 8 per cent since then. Shares of Adani Enterprises gained 9.4 per cent to Rs 3,199.45 on Wednesday, commanding a total market capitalization of Rs 3.65 lakh crore. However, the stock crashed about 7.54 per cent from day's high to Rs 2957.05 during the session. However, the stock reclaimed Rs 3,000 levels as the session progressed. Shares of Adani Enterprises gained 9.4 per cent to Rs 3,199.45 on Wednesday, commanding a total market capitalization of Rs 3.65 lakh crore. The damning report by the US-based short seller Hindenburg had triggered sharp sell-off in the Adani Group stocks and the flagship firms crashed over 75 per cent from its peak. Technical analysts tracking the stock said that Rs 3,100 is a crucial level for the Adani Group counter and as long as the stock is able to remain above these levels, the stock is poised for more upside in the coming days. However, the suggested to respect the key support levels as the stop loss for trading. Ganesh Dongre, Senior Manager - Technical Research, Anand Rathi Shares and Stock Brokers sees a fresh breakout in this stock around Rs 2,700–2,800. The stock has risen steadily from Rs 1700 to Rs 2800 rupees. "The stock has again seen a bullish candlestick pattern formation at the Rs 2,800–3,000 price level on the weekly chart at the current juncture, which may continue its rally till its next resistance level of Rs 3,700. So, traders can buy and hold this stock with a stop loss of Rs 2500 for the target price of Rs 3700 Rs in the upcoming weeks," he said. Following the Supreme Court judgment on the Hindenburg case, Adani Enterprises saw significant intraday volatility, trading within a 10 per cent range in a single day. it holds an RSI of 68 on the daily and 66 on the weekly timeframe, indicating elevated levels. The Rs 2,750 mark stands as a critical support level for it, said VLA Ambala, Co-founder of Stock Markets Today. A potential breakout above the Rs 3,100 range suggests a continuation of the uptrend. Conversely, if a breakdown occurs below Rs 2,750, which swing traders should monitor closely, considering the Rs 2,450 to 2,700 range as a favorable 'dip buying' zone, she said. Ambala has suggested a strict stop-loss at Rs 2,150, with anticipated targets in the range of Rs 3500 to Rs 5,000 in the long run. Adani Enterprises has been relatively stable, moving within a horizontal range, over the past four weeks, said Mileen Vasudeo, Senior Technical Analysis at Arihant Capital Markets "It recently outperformed the benchmark indices, indicating better performance. Currently, there is a significant obstacle for the stock’s price at Rs 3,200, after which it can reach Rs 3,400-3,600."

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