The Adani Saga

DhruvDeora Updated   
Adani Enterprises (ADANIENT) has shown good recovery and has been in long consolidation since its last burst in May 2023 when Supreme Court granted SEBI Time for investigation.

It has taken a strong support at 2370 -2400 and today it has made a doji right at its support to suggest a reversal. While it is waiting for the next date in Supreme Court, there is an opportunity to enter at CMP as it offers a low risk opportunity.

Keeping 1 ATR as SL, it Is good to go long on Adani enterprises regardless of outside noise. Expecting a very big move soon coming out of a 4 month narrow consolidation phase after the Supreme Court hearing.

Not keeping any targets in this trade because this stock would move big and fast . I would prefer to keep moving my TSL up if my view turns out right.
Trade closed: stop reached:
Apologies for the late update.

Our SL was triggered and this stock was not spared either in this sharp market correction. I have marked an important support at 2173, however, I will wait a few sessions to take a fresh view.

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