Adani Enterprises hits record high; rises 19% in three days

Adani Enterprises jumped 7.58% to Rs 1224.45, extending its winning run to the third consecutive trading session.

Shares of Adani Enterprises rallied nearly 19% in three trading sessions from its previous closing low of Rs 1030.85 on 31 March 2021. The counter hit a record high of Rs 1,240.45 in intraday today. The stock has zoomed 861% from its 52-week low of Rs 127.40 recorded on 6 May 2020. In last one month, the stock has rallied almost 35% as compared to a 2.35% fall in BSE Sensex.

On the technical front, the stock’s RSI (relative strength index) stood at 82.995. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 806.45 and 630.49 respectively. These levels will act as crucial support zones in near term.

Adani Enterprises’ consolidated net profit skid 11.1% to Rs 286.60 crore on 6.1% rise in net sales to Rs 11,620.45 crore in Q3 FY21 over Q3 FY20.

Adani Enterprises is the flagship company of Adani Group, one of India’s largest business conglomerates.

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