Action Till Date - Since the news-based fall has come in the Adani group shares, Adani enterprise is broadly consolidating in the price range ranging from 1300 to 1575. Earlier in the starting week of the September series, the stock did show some momentum in range expansion but lacked expansion in volumes as it remained more or less in the average daily volume range. Post the 1st week, as the broader market retraced from its heights, the stock corrected as well, and currently, it is testing out its 100 DMA and has managed to respect it for the last 3 days.
What to expect
Short Position - Any kind of short position should only be made when the gives a decisive breakdown from the 100 DMA (Range expansion coupled with higher volumes).
Target - T1 - 1380
T2 - 1300
SL - High point of breakdown candle
Long Position - Any kind of long trade should only be initiated post decisive breakout of the consolidation zone (i.e., above the level of 1575)
Target - T1 - 1700-10
T2 - 1750
SL - 1575
What to expect
Short Position - Any kind of short position should only be made when the gives a decisive breakdown from the 100 DMA (Range expansion coupled with higher volumes).
Target - T1 - 1380
T2 - 1300
SL - High point of breakdown candle
Long Position - Any kind of long trade should only be initiated post decisive breakout of the consolidation zone (i.e., above the level of 1575)
Target - T1 - 1700-10
T2 - 1750
SL - 1575
Trade active:
To date, the stock has not breached its 100 DMA and has managed to breakout above the consolidation range as well. As of date, a small retest is in place and we may expect the stock to takeout its lifetime high very soon.