Stock name: Adani Enterprises

Pattern: Double top pattern

Time frame: Daily

Observation:

The stock and the group has been in the news and had seen a big time fall in the recent days. Currently, the stock seems to be making a double top pattern, which is a bearish pattern. However, important to note that technically, a double top pattern is created in an uptrend.

You may add this to your watchlist to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Shares of Sona BLW Precision Forgings rallied over 4% today, a day after Blackstone sold its entire 20.5% stake via a block deal. Under the block deal, the Monetary Authority of Singapore bought a 0.98% stake in the company, while the Govt of Singapore bought 4.14%. Top fund houses BNP Paribas, ICICI Prudential and HDFC Mutual Fund have bought 1.24%, 0.68%, and 0.62%, respectively. Other buyers include Fidelity (1.94% stake) and Societe Generale (1.54% stake).

2) Shares of Divgi TorqTransfer Systems listed at a premium of more than 5% compared to its IPO issue price of ₹590 per share.

3) Electric two-wheeler companies are projecting they would sell around 1.5 million vehicles in FY24, much lower than Niti Aayog’s ambitious target of 2.3 million. This could push back the government’s ambitious plan to reach 80% penetration of electric
two-wheelers by 2030.