Adani Enterprises may see 6- 8% upside, says SP Tulsian, sptulsian.com.
Tulsian told CNBC-TV18, "Adani Enterprises has been moving with vengeance. If you see their low was about Rs 260 last week. In fact if you want to place this stock also in the category like Tata Steel or maybe many other stocks having moved in the similar line, this also falls in the same category, but yes, the trigger is maybe the informed buying coupled with the short covering and more to do with the increase in the Adani Power in which they have the huge stakes held by."
He further added, "If you see the corrections having taken place in this stock, it used to rule at about Rs 600 maybe 3-5 months back and now it has corrected below Rs 300 and now moved close to about Rs 400, so maybe the upside is still seen to the level of about Rs 425- 430 where it should take a pause because the kind of momentum, which we are seeing in the stock, which has largely to do with the renewed buying interest, it is not purely the short covering, but the renewed buying interest can take the momentum further on from hereby about 6-8%."
