Technical chart study indicates multiple signals which indicates adani enterprises going to fall, let's start with Rsi divergence as seen in price made higher high whereas rsi made lower high, also rsi is at most heated place on monthly chart, 2nd indication from channel as its moving along with the high resistance area as price going up volume constantly going down on monthly, 3rd point if this is a top and if we draw fib leve., would find 0.382 fib level is at 1540, also a touch point of ema20 where it should reach at least to resolve rsi divergenge, then 0.5 level is at 1268 n Golden ratio level is at 996 also ema 50 touch point.so target downside would be 1540/1268/996 , Point to consider that monthly rsi divergence may take years to resolve. So these targets are not time bound.However one can short once gets some indication on daily, weekly for 1st target 1540.
Whenever this share gives a breakdown on daily chart...Adani group releases news of New Deal Win.....This share is highly manipulated by operator.
Viratk
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Valuation is 30 billion USD .... P/E ratio 548 on tickertape website.. .... and Net profit only 464 crores of 2022....which was 922 crores in 2021.
Viratk
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Hi Bro....I think...Adani enterprise is trying to break out above the 2240 rs level....weekly candle of the last 2 weeks is positive....despite global weakness and weakness in nifty 50...it is outperforming ....it may give a breakout of 2250 rs level and can hit all-time high again. I think...this share is a tool where government converts black money to white money by the name of some dummy investors of Singapore. All shares of the Adani group are outperforming the nifty 50 despite global turmoil...how is it possible?
praveshk2
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@Viratk, it is one of the most manipulated stock, however they can't ignore technicals for long, divergence is something needs to be corrected, it has given one sided rally, i still believe it should breakdown and touch 1770 as 1st target.
Viratk
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@praveshk26, agree with you bro....but if we look at the recent rally in the nifty from 15150 level to the 16200 level...Adani enterprise has outperformed nifty again...The Nifty went up by 6-7 % and Adani enterprise share had gone up by 14% in the last 3 weeks... it is aiming for new highs of above 2400 level again....let's wait and watch... it is trading above 10,20,50 &100 moving averages in daily timeframe...it means ...it is very bullish on daily timeframe...