Multibagger stock: Extending its rally started from 14th July 2022, Adani Enterprises share price has hit its new life-time high on sixth straight session on Monday. Adani Enterprises share price today opened upside and went on to hit its intraday high of Rs2,524.80 per share, which is fresh life-time high. this multibagger Adani stock, has been climbing new life-time high since 18th July 2022.

According to stock market experts, this Adani group stock has been rising after the rise in demand for electricity in this summer season leading to demand-supply constraint in the power sector. They said that market is expecting strong numbers from all power sector companies, which includes Adani Power and Adani Transmission, which are one of the flagship Adani group stocks. Adani Enterprises is expected to benefit from the better earning from Adani Power and Adani Transmission and hence the stock has been hitting upper circuit on a regular basis.

Speaking on the reason for continuous rally in Adani Enterprises shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Due to rise in demand and consumption of electricity, power sector companies are expected to register rise in moolah and the company is expected to benefit from the strong business numbers of other Adani group companies like Adani Power and Adani Transmission. hence, the stock has been continuously rising with an expectation that the company will be reporting strong earnings in upcoming quarters." However, Avinash Gorakshkar said that the stock is trading at much higher valuations and one should book profit as profit-taking can trigger any time in the stock.

Sharing pivot levels in regard to Adani Enterprises share price, Mudit Goel, Senior Research Analyst at SMC Global Securities said, "Adani Enterprises shares are trading in higher highs and higher lows on charts. It may test Rs2600 apiece levels in near term and it has strong support at Rs24800 per share levels. So, those who have this Adani stock in their stock portfolio are advised to maintain stop loss below Rs2488 and hold for near term target of Rs2600. However, fresh entry at these levels are not advised as the stock has already surged a lot."

Recently global brokerage and research firm Jefferies has also reported that India's power sector is all set to witness robust growth in upcoming decade.

Adani Enterprises share price history

This flagship Adani stock is one of the multibagger stocks that the Indian share market has produced in recent years. this stock has risen more than 75 per cent in last one year whereas in last 5 years, it has delivered more than 1,700 per cent return to its shareholders.