Upside of Rs 175-500 seen in Adani Enterprises: Ventura

MUMBAI: Bharat Gala, senior technical analyst, Ventura Securities is of the view that Adani Enterprises is on the verge of a breakout near Rs 600 levels. He expects an upward move of Rs 175-500 from current levels.

"Adani Enterprises had an upward move from Rs 22 (March 2006) to Rs 502 in (Dec 2007) coupled with heavy volumes. A correction followed till Rs 115 (March 2009), but lacked heavy volumes.

An intermediate high was made at Rs 422 in July 2009 accompanied by good volumes, which was subsequently crossed and the stock made a new high of Rs 595 in April 2010.

The trend indicator suggests presence of strong uptrend in the stock. The stock is ready for an upward move of Rs 175-500 from current levels.

The stock is likely to witness strong momentum upside on break outs above Rs 600 for a first upmove of Rs 175. A must have in the portfolio.

Strong supports are seen at Rs 485-456-405 levels. Two consecutive close below Rs 405 negates the above view," he said.