varadtambolkar

Adani Enterprises ready for next up-move.

Long
NSE:ADANIENT   ADANI ENTERPRISES
Adani enterprises has moved out of narrow range.
( Channel by black lines & Blue shadow)
Earlier attempt to move out of narrow range failed, making a rejection high at 1629 levels ( dotted line ).
Now the stock has crossed the rejection high at 1629.

On daily charts check image below

Resistance at all time is at 1713. Before making a new life high stock might consolidate in the range marked by blue zig zag line.
Because rarely a any resistance is taken out in 1st attempt. If it is taken out in first attempt it indicates strong trend, don't let go such momentum. Probability of breakout increases in second attempt.

Stock is coming out of the contraction phase (narrow range) & entering the expansion phase.
Wild move and breakouts happen in expansion phase.

Trade plan.

Enter with half or two third positions at LTP with 1350 as SL . Adani ent is high beta stock hence wide SL is given.
Add rest quantity after the dip or in consolidation phase below 1713. If stocks breaks out add balance quantity at that time.

Comment: Fiest attempt to breakout the 1713 level failed. Lets wait for next attempt 😃
Comment: Breakout complete

Trail SL to 1660