There is a saying that Bull Market is tested when things are down, and not up. Because Bull Market is defined by BUY THE DIPS crowd.
Adani Enterprises stock is at 50 day moving average and near a support level of 450-460. The Big question: Will Buy the dips crowd support the stock?
Here's the Daily Chart of Adani Enterprises with technical rationale
Click on the chart for Larger View
Keep an eye on Adani Enterprises stock over next few days to see how much strength stock has at current levels. If stock fails to hold 448-450, then it can crack down to 100 dma which as of today stands at 370.
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers