Traders can sell Adani Enterprises on rallies to Rs 280 for a target of Rs 240 with a strict stop loss placed above Rs 296 from perspective of 4-5 weeks, said Rahul Randeria, technical analyst, IDBI Capital.

"Yesterday, Adani Ent has formed an Engulfing Bearish Candle on the daily charts. The stock has retraced 23.6% of its major downfall. The stock is overbought and profit booking could emerge from these levels. On the oscillator's front; RSI & MACD have indicated a negative crossover on the daily charts,'' said Randeria.

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