Acche din for Adani stocks over, or will the run continue? Key tech levels

Adani Enterprises, Adani Power and Adani Wilmar can potentially rally up to 30 per cent from present levels, suggests the key retracement ratios.

Shares of Adani Group companies zoomed up to 16 per cent in trades on Monday, June 03, amid the exit poll triggered euphoria. The exit polls, which were announced on Saturday, predicted a likely third-term for the Modi-led NDA government, with seats projections in the range of 316 - 400 seats.

The market capitalisation of the Gautam Adani-led group neared Rs 20 trillion. Jefferies in its research report has a 'Buy' recommendation on Adani Enterprises and Adani Ports with price targets of Rs 3,800 and Rs 1,640. READ MORE

Early leads from the Lok Sabha vote counting showed that Narendra Modi-led NDA (National Democratic Alliance) had a huge advantage over Congress-led INDIA alliance. As of 08:45 AM, NDA lead in 227 seats, while INDIA in 135 out of the 543 parliamentary seats. Track Live Updates on Business Standard.

On Tuesday, however, all Adani group stocks traded lower as the early election 2024 outcome trends disappointed the Dalal street. The Sensex lost over 2,000 points in late morning deals. CATCH ALL THE MARKET ACTION IN THIS LIVE BLOG

Going ahead, here's a technical outlook on key Adani Group shares.

Adani Enterprises

Last close: Rs 3,645

Upside Potential: 26.8%

Support: Rs 3,600 - Rs 3,400

Resistance: Rs 3,940; Rs 4,280

Adani Enterprises stock has given a fresh breakout on the daily chart. The significant gap-up, suggests that the stock is likely to trade with a bullish bias, as long as it sustain above the Rs 3,400 - Rs 3,600 gap range. CLICK HERE FOR THE CHART
 

The stock is now seen headed towards the 38.2 per cent retracement of the entire 2023 stock price movement, which indicates a target of Rs 3,940. Break and sustained trade above the same, shall open the doors for an extended rally towards the 50 per cent and 61.8 per cent retracement levels at Rs 4,280 and Rs 4,620 levels.

Adani Ports

Last close: Rs 1,584

Upside Potential: 14%

Support: Rs 1,530 - Rs 1,440

Resistance: Rs 1,677; Rs 1,750

Adani Ports stock has given a fresh breakout on multiple time-frames. The stock is expected to trade on a buoyant note, as long as it sustains above Rs 1,520 levels. That apart, the huge gap between Rs 1,440 - Rs 1,530 could offer cushion for the stock in case of a downturn.  CLICK HERE FOR THE CHART

On the upside, the stock may target to hit 1.382 per cent retracement of the previous calendar year move, which suggests a target of Rs 1,805. Interim resistance for the stock is seen at Rs 1,677 and Rs 1,750.

Adani Power

Last close: Rs 874

Upside Potential: 32.1%

Support: Rs 820 - Rs 760

Resistance: Rs 980; Rs 1,080

Adani Power stock was the top gainer among the pack on Monday. The stock is likely to maintain its bullish stance, as long as it holds above the Rs 760 - Rs 820 support range. Key momentum oscillators too seem to be favourably placed on the charts. 

On the upside, the 1.382 per cent retracement of 2023 trading range indicates an upside target of Rs 1,155. In the interim, the stock may face some resistance around Rs 980 and Rs 1,080. CLICK HERE FOR THE CHART

Adani Wilmar 

Last close: Rs 368

Upside Potential: 31.8%

Support: Rs 360 - Rs 355

Resistance: Rs 400; Rs 430

Unlike other Adani Group stocks, Adani Wilmar ended 2023 on a tepid note, and has now started to pick-up momentum. The stock has lot of ground to cover, to fall in place with its group peers.

At present, the stock seems to be headed towards its 20-MMA (Monthly Moving Average) hurdle placed at Rs 400. Above which, the next key resistance stands at Rs 430. In case, the stock is able to clear these resistances, Adani Wilmar can then rally towards Rs 485 levels. On the downside, support in the Rs 360 - Rs 355 range is very crucial. CLICK HERE FOR THE CHART

Ambuja Cements

Last close: Rs 671

Upside Potential: 11.8%

Support: Rs 660; Rs 650 - Rs 645

Resistance: Rs 695

Ambuja Cements has given a breakout on the daily and the weekly time-frame. Chart suggests, that the stock can expect near support at Rs 660, and Rs 645 - Rs 650 levels. As long as these supports are protected the stock is likely to trade with a positive bias. On the upside, the stock can target Rs 750 levels, with interim resistance seen around Rs 695. CLICK HERE FOR THE CHART