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Equity Futures:Bullish trend in Adani Enterprises may persist in 2023

Informist, Friday, Dec 30, 2022


By Vivek Kumar


MUMBAI – Adani Enterprises Ltd, the top gainer of 2022 among Nifty 50 stocks, is likely to continue its upmove next year. But analysts warned that traders and investors with low risk appetite should stay away from this counter given its high volatility.


The stock price more than doubled to 3,858.35 rupees this year and also became part of the benchmark Nifty 50 index. The next big gainer in the Nifty 50 this year was Coal India. The state-owned company rose 54%.


“My belief is that 3,500 rupees is an important level on the downside. Until the stock does not break that level, it will remain in an uptrend,” said Rajesh Palviya, vice president-research (head-technical and derivatives) at Axis Securities. On the upside, Palviya said 4,200 rupees level will be key.


The futures and options data also reflected a similar trade range for the stock. The 4,200 rupees call option had the maximum build-up of open interest, while on the put side the 3,500 rupees option saw the highest open interest.


Though the long-term trend is positive for the stock, Palviya said only investors with high risk appetite should invest. Asked if he would recommend investors to buy the stock, he said, “Can recommend (buying) but it’s a very volatile stock. For retail (investors), it is very difficult to buy and hold this stock, because of its volatile nature.”


“If your appetite is strong enough to see 100-200 rupee upmove or downmove in a single day or short period, then only you should hold,” he said. In 2022, shares of Adani Enterprises closed with more than 4% gains or losses in 24 trading sessions. 


–Nifty 50 Jan closed at 18219.50, down 72.75 points; 114.20-point premium to spot index

–Nifty 50 Feb closed at 18301.50, down 60.90 points; 196.20-point premium to spot index

–Nifty 50 Mar closed at 18386.35, down 117.75 points; 281.05-point premium to spot index


The total turnover in the futures and options segment of the National Stock Exchange was 103.81 trln rupees, against 356.73 trln rupees on Thursday.


The turnover in index options was 101.35 trln rupees compared with 352.83 trln rupees in the previous session. The total premium turnover of index and stock options was 475.56 bln rupees compared with 578.20 bln rupees on Thursday.


Bajaj Finance, Reliance Industries, Canara Bank, HDFC Bank, State Bank of India, ICICI Bank, Adani Enterprises, Bank of Baroda, Housing Development Finance Corp, Axis Bank, Punjab National Bank, Kotak Mahindra Bank, and Infosys were among the most actively traded underlying stocks.  End



Edited by Tanima Banerjee



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Source: Cogencis

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