Adani Group Stock Chart Check: Why This Adani Group Stock Could Hit New 52-Week Highs Over the Next 6 Months

Adani Enterprises, part of the Adani Group of companies, has grown just over 50% in the past year and chart patterns suggest the rise is likely to continue.

The stock hit a 52-week high at Rs 2,420 on April 27, 2022, but the trend then reversed. Recent price action has pushed the stock above the 50-DMA, which is a positive sign.

Short-term traders can look to buy the stock now or down for a possible target of Rs 2,800, which would lead to fresh 52-week highs over the next 6 months, experts suggest.



The stock with a market capitalization of over Rs 2.5 lakh crore hit a double bottom above Rs 1,500 levels in February and March 2022, from where it rebounded strongly.

The stock can be bought now or down towards Rs 2085-1979-1876 and 1817. The first major support for the stock will come above the levels of Rs 1900 – a swing low formed on May 26, 2022.

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The Relative Strength Index (RSI) is placed at 56.3 on July 4, 2022. An RSI below 30 is considered oversold and above 70 is considered overbought. MACD is above its center and its signal line, it is a bullish indicator, data from Trendlyne showed.

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On the price front, it mostly trades on the crucial short-term and long-term moving averages such as 5,10,20,30,50,100 and 200-DMA on the daily charts, which is a positive sign for bulls. .

The share price started its rise from Rs 141 (June 2020) to Rs 1718 (21 June), creating a series of lows and higher highs.

During the move, the stock continuously rebounded supporting crucial averages and the SuperTrend indicator is in positive mode so far on the weekly charts.

However, slight profit booking was seen which pushed the stock towards Rs 1345 in October 2021.

“From June 2021 to June 2022, the stock traded sideways but continuously made higher lows, reaching a new high of 2420 in April 2022,” Bharat Gala, President – ​​Technical Research,

Securities Ltd., said.

“Vortex, PVT and indicators overall suggest buying interest in the stock. Possible targets are 2800-3200-3600,” he said.

A Vortex indicator is used to spot trend reversals and confirm the trend while PVT indicator or Price Volume Trend Indicator is a momentum based indicator used to measure money flow.

“If the stock price corrects lower, the buy levels are 2085-1979-1876-1817.

A stop loss to observe in the trade is 1720,” Gala recommends.

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Karen J. Nelson