Adani Enterprises shares hit 52-week high. Experts list out reasons for the uptrend
Premium- Adani Enterprises share price is in ‘uptrend’ due to rise in demand for power during summer
Adani Enterprises share price today hit its 52-week high level in Friday's early session. Adani Enterprises shares opened with an upside gap of ₹10 per share and went on to climb to its new 52-week peak of ₹2,514.05 per share.
According to stock market experts, the Adani Group stock is in 'uptrend' due to the rise in electricity demand which is leading top demand-supply constraint in the market. They said that the stock is still looking bullish on the chart pattern and it may go up to ₹2600 per share levels in the near term.
On why Adani Enterprises share price is rallying, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "A big amount of business for the Adani group comes from its exposure in electricity or power business. Adani Power and Adani Transmission are completely devoted to the power business. After the beginning of summer, demand for electricity has gone up and some power distribution companies have already raised their prices. Due to this demand supply constraint, market is buzz that Adani group will be able to present promising numbers in upcoming quarters as there is still few months left when demand for power will remain on the higher bottleneck."
Advising Adani Enterprises shareholders to hold the scrip, Sumeet Bagadia, Executive Director at Choice Broking said, "The Adani group stock is still in uptrend as it has formed high high higher bottom pattern on chart. So, Adani Enterprises shareholders should continue to hold the counter for ₹near term target of ₹2600 maintaining stop loss at ₹2400 apiece levels. However, fresh investors are still advised to wait and take position only around ₹2450 levels for ₹2600 target maintaining stop loss at ₹2400 levels."
Adani Enterprises share price history
The Adani group stock has been delivering stellar return throughout the year. In last one year, it has surged from ₹1415 to ₹2500 levels, logging near 75 per cent rise in this period whereas in YTD time, it has given 45 per cent return to its positional investors.
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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