Adani Enterprise was in uptrend since Apr-20 to Aug-20 and then Brokeout with huge volume (see in the chart weekly candlesticks) after some consolidation in the month of Sep-20 uptrend was again started with the normal volume. Since 1st Feb-21, it broke out again with the double of average volume and surprisingly next week's volume was even higher. This (3rd week) is on going and volume is higher than the previous 2 weeks which is showing strength in the script.
The script touched 802 level twice which is acting as resistance level and formed a doji candle on daily chart. Hence, in my opinion, some correction is expected upto 724 (756 is immediate support level). "Bulls will take a rest before next run."
Disclaimer: This is for educational purpose, please invest as per your own analysis or based on your advisor's instructions.
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Correction happened and it tested the level of 730 on 19-Feb-21. and bounced back to the 800 zone. As it has broken level of 802, It will move to the next level.
Hi, how much is possible for this script to go down with Feb Fut expiry on 25th. Appreciate your time.
Thanks
Rohit_Tomar
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@SRIRGAAA2, hi, Please note that it has already made a low around 730, so there is very few chances to go down. As far as Feb-21 expiry concern, it may consolidate around the present level and fewer chances to go down, as chart indicates.
Thanks