Adani Enterprises is at major support.

neeraj_2_sharma Updated   
The most infamous stock in the Indian stock market in recent times- Adani Enterprises, has reached a very crucial support area and is probably attempting a bounce from here.
The chart is based on very simple concepts of Support/Resistance, Horizontal consolidation areas(HCR's) and trend lines. Nothing too complicated here, the entry too is pretty straight forward.
For a short term trade ,enter on trend line break confirmation and aim the HCR lower boundary for target.
The low at 2142 is crucial reversal point as of now and will act as a SL.

One important thing to note in this chart is the lack of volume confirmation for the past 2 months fall. What does a fall without volume confirmation mean? Is it bullish or bearish?
keep an eye on the stock and you will find for yourselves(:P).

CMP 2196
SL 2140
Target 1 - 2370
Target 2 - 2600
sl trailed to 2164
broke the trend line with a jump in volume...breakout successful..2200 now a major support
sl trailed to 2204
target 1 of 2370 achieved
Target 2 of 2600 achieved
Trade closed: target reached

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