Adani Enterprises Limited (ADANIENT) Stock - Complete Technical Analysis - Oct 22, 2024

Adani Enterprises Stock Analysis: Key Support, Resistance, and Reversal Opportunities Explained

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Adani Enterprises Limited (ADANIENT) shows significant bearish momentum as it currently trades at 2824, reflecting a sharp correction from its recent highs. The RSI of 29.3 signals that the stock is in oversold territory, possibly opening up opportunities for a rebound. However, with the MACD indicating a bearish trend and the Stochastic RSI registering a zero value, the selling pressure may persist in the short term. This is also supported by the Williams Percent Range, which sits at a deeply negative -98.52, hinting at extreme bearish conditions.

The stock is currently trading well below its 200-day moving averages (EMA and SMA), reinforcing the downtrend. Traders should be cautious of the upcoming support levels near 2759, which, if breached, could lead to further downside potential. On the upside, immediate resistance is seen near 3078, with a more extended target of 3267 if a reversal takes place. The ADX reading of 27.09 shows that the current downtrend is still in effect, but not overly strong, which could mean that the downtrend might soon lose steam. With the Awesome Oscillator and momentum indicators confirming bearish conditions, this stock is likely to experience high volatility in the coming days.

Traders might want to watch for any price action around the key support and resistance levels, and oversold indicators, for potential short-term opportunities.