Is the bull run in Adani Group stocks over? Here's what charts suggest

If the stock of Adani Enterprises fails to hold the support of Rs 1,300 levels, it may slip to Rs 1,000-mark, translating into a downside of 23 per cent from the current levels, charts suggest

All six listed Adani Group companies were either locked in or were trading close to their lower circuit bands on the bourses on Monday, after National Securities Depository Ltd (NSDL) froze accounts of three foreign funds that own stake in four of these group companies.

READ THE COMPANY CLARIFICATION HERE

As per a notice on NSDL's website, accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund, which together own over Rs 43,500 crore worth of shares in four Adani Group companies, have been frozen "because of insufficient disclosure of information regarding beneficial ownership under the Prevention of Money Laundering Act (PMLA)". READ ABOUT IT HERE

Among individual stocks, Adani Enterprises tumbled 20 per cent at Rs 1,281 apiece, followed by Adani Ports (down 18 per cent at Rs 681). So far in the current calendar year, Adani Enterprise has surged over three fold, while Adani Ports and Adani Total Gas have zoomed over 100 per cent and four-fold, respectively.

Analysts say till there is more clarity on the issue and clarification, if any, from the company, investors should remain cautious and refrain from making any fresh investment in the related stocks. READ ABOUT IT HERE

As per technical charts, Monday's gap-down may weaken the overall bullish trend in the shares of the Group companied. If the crucial supports are violated, then these group stocks may see hammering from market participants.

Here's how the stocks look on charts:
 

Adani Enterprises Ltd (ADANIENT)
Likely target: Rs 1,000 (after breaching  Rs 1,300 levels)
Downside potential: 23%

This stock's struggle to rally above Rs 1,700 levels has been dismantled with Monday's gap-down. Going forward, if it continues to carry negative sentiment and violates the crucial support of Rs 1,300 levels, then it may enter a bearish phase. This weakness may further see a downside towards Rs 1,000 levels, as per the daily chart. CLICK HERE FOR THE CHART
 
Adani Green Energy Ltd (ADANIGREEN)
Likely target: Rs 950 and Rs 900 (after breaching Rs 1,060)
Downside potential: 10% and 15%

The stock needs to cross Rs 1,350 levels with aggressive price action to breakout on the upside. On the lower side, Rs 1,060 levels act as a firm defensive mark. While the overall momentum indicates a sideways movement, a breach below Rs 1,060 mark may drag the stock to Rs 950 and Rs 900 levels. CLICK HERE FOR THE CHART
 
Adani Transmission Ltd (ADANITRANS)
Outlook: Holds the positive outlook above Rs 1,350 levels.

With a "Higher High, Higher Low" pattern, the stock is well placed above the support of Rs 1,350 levels. That said, the stock needs to breakout above Rs 1,650 levels to continue the upside outlook. The immediate support comes at Rs 1,470 levels. CLICK HERE FOR THE CHART
 
Adani Total Gas Ltd (ATGL)
Likely target: Rs 1,200 and Rs 1,150
Downside potential: 7% and 14%

As long as the counter defends the most signifant support of Rs 1,350 levels, it may see positivity returning to the trend. However, if the support gets violated, the downside may lead to Rs 1,200 and Rs 1,150 levels, according to the daily chart. On the higher side, the counter needs to conquer Rs 1,650 mark to breakout actively. CLICK HERE FOR THE CHART
 
Adani Power Ltd (ADANIPOWER)
Outlook: Traders should be cautious below Rs 160 mark.

The stock has zoomed over 50 per cent in the past one week. While this move is expected to see a follow-up buying in the current week, Monday's lower circuit has disturbed the bullish sentiment. The immediate support comes at Rs 120 and Rs 100 levels. Until, the stock does not conquer the hurdle of Rs 160 mark aggressively, traders should be cautious in a long trade. CLICK HERE FOR THE CHART
 
Adani Ports and Special Economic Zone Ltd (ADANIPORTS)
Likely target: Rs 800
Upside potential: 10%

If the stock is able to defend the support of Rs 650 levels, the upside bias may regain the positive momentum. Thats said, it needs to aggressively conquer the immediate resistance of Rs 800 levels to continue the optimistic sentiment, as per the daily chart. CLICK HERE FOR THE CHART