Adani Enterprises stock has witnessed exponential run-up from 125 till 576 levels in just 9 months (Sep,13 - May,14).
Post vertical rise, the stock consolidated at higher levels with in a range (410-520 levels) on the monthly chart.
The consolidation phase post vertical rise has resulted in the formation of “Flag pattern” on the weekly chart. The break-out from this pattern was witnessed around 460 levels in the mid of August,14. Since then the stock has been consolidating around 500 levels.
It is due for further break-out from the consolidation range (475-520). Hence, it is advisable to buy it between 490-CMP keeping close below stoploss at 475 for higher targets of 575 to be achieved in the coming weeks.