Adani Enterprises [ 3-feb-2014]

• Stock is trading in a downtrending channel, making a lower top , lower bottom.
• Adani Enterprises  is trading under its 50 Day Moving Average standing at 255.
• It is trading under its 44 day Exponential Moving Average standing at 245 , which is bearish for the stock.
• 100 day S.M.A is standing at 218.
• 200 day S.M.A is standing at 206.
• 38% retracement is at 225.
• 50% retracement of its Previous  rally [from 126.45 to 286.3]came at 206
• Stock is trying to take support at its previous bottom made via hammer  standing at 231-332.
• In case stock fails to hold this support , it can test its 38% retracement, 100 day S.M.A.
• In case it confirms the support, a bounce can come to 245,250
• Further support is at 225, 218, 206.