Highlights:
- An Adani group stock rally to its all-time high
- Experts have given a “Buy” rating to the stock
- The FMCG business got aided by soya price rally
After breaking its all-time high of ₹ 1,351.55, which was made on 19th May 2021, the Adani Enterprises share price continued its rally on Wednesday and scaled to a new peak of ₹ 1543.70 at the National Stock Exchange (NSE).
According to stock market experts, this Adani group share is skyrocketing due to the rise in soya prices. Experts have said that soya prices have got doubled in the last 1 year, which is good for the FMCG business of the company.
On the technical chart, on Monday, the Adani Enterprises shares have made a breakout after it sustained above ₹ 1322, which helped the stock scale a new peak.
Speaking on the fundamentals supporting Adani Enterprise’s share price rally, the Vice Chairman of GCL Securities, Ravi Singhal said, “Adani Enterprises share price rally has connection with the soya price rise taking place in last one year.
“The company has FMCG business that got aided by this commodity price rise as the company has been getting inventory profit from this soya price rally.
“Apart from this, the margins of the company are expected to remain maintained in coming quarters as well.”
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Commenting on the share price chart pattern of Adanu Exterprise, Senior Research Analyst at SMC, Mudit Goel, said, “On Monday, Adani Enterprises stock made a breakout after sustaining above ₹1322 hurdle.
“Those who have holdings in this Adani group share should hold the stock maintaining the trailing stop loss at ₹1470.”
When asked about the levels where one should book profit, Ravi Singhal, of GCL Securities said “Adani Enterprises share price still looks positive and one should hold the counter and book profit around ₹1850 to ₹1870 levels.
“However, for those who want fresh buying in this Adani Group share, a fresh entry can be made around ₹1470 maintaining stop loss at ₹1320.”
