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The stock of Adani Enterprises tumbled 4 per cent with above average volume on Thursday. This decline gives an opportunity for the investors with a short-term perspective to sell the stock at current levels. Since taking support at ₹210 in mid-February, the stock has been on a medium-term uptrend. However, after marking a 52-week high at ₹585 in mid-May, it changed direction. The stock has been on a short-term downtrend since then.
The indicators on the daily chart are about to enter the bearish territory.
The daily price rate of change is featuring in the negative terrain implying selling interest. The stock is now poised above its immediate support at ₹450. We believe that the stock can breach this support level and reach our price target of ₹440 and then ₹432 in the forthcoming trading sessions. Sell the stock while maintaining a stop-loss at ₹470.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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