02 Jun , 2021 By : Kanchan Joshi
After breaking its all-time high of Rs1,351.55 (made on 19th May 2021) on yesterday, the Adani Enterprises share price continued its rally on Wednesday and scaled new peak of Rs1543.70 at NSE. According to stock market experts, this Adani group share is skyrocketing due to the rise in soya prices. They said that soya prices have got doubled in the last one year, which is good for the FMCG business of company. On technical chart, the Adani Enterprises shares have made a breakout on Monday after sustaining above Rs1322, which helped the stock scale new peak.
Speaking on the fundamentals supporting Adani Entreprise share price rally Ravi Singhal, Vice Chairman at GCL Securities 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."
Adani Enterprises share price outlook
Commenting on the Adani Enterprises share price chart pattern Mudit Goel, Senior Research Analyst at SMC said, "On Monday, Adani Enterprises stock made a breakout after sustaining above Rs1322 hurdle. Those who have holdings in this Adani group share should hold the stock maintaining the trailing stop loss at Rs1470."
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 Rs1850 to Rs1870 levels. However, for those who want fresh buying in this Adani Group share, a fresh entry can be made around Rs1470 maintaining stop loss at Rs1320."
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