Shares of Gautam-Adani led group companies are in focus on Friday, zooming up to 13 per cent, after the market regulator, the Securities and Exchange Board of India (Sebi) gave a clean chit to Adani Group in the Hindenburg case.
Sebi on Thursday, September 18, cleared the Adani Group of allegations made by the US-based short-seller Hindenburg Research, and disposed of the instant proceedings against group companies Adani Ports, Adani Power, and its chairman Gautam Adani.
On Friday morning in trade, Adani-group flagship company's stock - Adani Enterprises surged 5 per cent. Adani Ports and Adani Power, which received Sebi clean chit, gained 3 per cent and 8 per cent, respectively. Among others Adani Total Gas soared up to 13 per cent, while Adani Green and Adani Energy Solutions, Adani Wilmar also logged strong intra-day gains.
READ MORE Outlook on Adani group stocks Today
Given Sebi’s clean chit to Adani group and the positive stock reaction, here's a technical outlook on some of the prominent Adani group shares.
Adani Enterprises
Current Price: ₹2,501
Likely Target: ₹3,250
Upside Potential: 30%
Support: ₹2,465; ₹2,440; ₹2,350
Resistance: ₹2,650; ₹2,700
Amid today's rally,
Adani Enterprises has climbed back above its 100-Day Moving Average (100-DMA) and the higher-end of the Bollinger Bands on the daily chart. The near-term bias is likely to remain positive as long as the stock trades above ₹2,465 and ₹2,440 support levels.
On the upside, the stock is seen trading near the 200-Week Moving Average (200-WMA), which stands at ₹2,577. Going ahead, the ₹2,650 - ₹2,700 is likely to be a critical resistance zone for the stock, owing to presence of multiple long-term hurdles in the form of the 100-Week Moving Average (100-WMA), 20-Month Moving Average (20-MMA) and the weekly trend line.
Adani Enterprises stock will need to conquer this resistance zone - ₹2,650 - ₹2,700 to open the doors for likely further upside. Beyond this resistance zone, a rally towards ₹3,250 levels seems likely.
For now, the short-term trend is likely to be favourable as long as the stock holds above ₹2,350 levels.
Adani Ports
Current Price: ₹1,442
Likely Target: ₹1,600
Upside Potential: 11%
Support: ₹1,400; ₹1,375; ₹1,365
Resistance: ₹1,475; ₹1,530; ₹1,560
Adani Ports can potentially rally towards ₹1,600 levels on the upside, with interim resistance likely around ₹1,475, ₹1,530 and ₹1,560 levels. The near-term bias is likely to remain favourable as long as the stock holds above ₹1,365, with interim support visible around ₹1,400 and ₹1,375 levels.
Adani Power
Current Price: ₹667
Likely Target: ₹800
Upside Potential: 20%
Support: ₹662; ₹630; ₹600
Resistance: ₹684; ₹750
Adani Power is likely to trade on an upbeat note as long as the stock quotes above ₹662; below which support for the stock exists around ₹630 and ₹600 levels. On the upside, the stock can potentially surge to ₹750 - ₹800 levels, with intermediate resistance likely around ₹684 levels.
Adani Green
Current Price: ₹1,010
Likely Target: ₹1,330
Upside Potential: 31.7%
Support: ₹978; ₹950
Resistance: ₹1,057; ₹1,105
Adani Green is seen trading above its 200-DMA for the fifth straight trading session. The short-term bias at the counter is likely to remain positive as long as the stock quotes above ₹950, with the 200-DMA at ₹978 likely to act as a first line of defence in case of a dip.
On the upside, the stock seems headed towards the weekly trend line hurdle, which stands around ₹1,105 levels. Breakout above the same can trigger a sharp spike towards ₹1,330 levels, suggests the long-term chart. Interim resistance for the stock can be anticipated around ₹1,057 levels.
Adani Energy Solutions
Current Price: ₹864
Likely Target: ₹926
Upside Potential: 7.2%
Support: ₹847; ₹805
Resistance: ₹881
Adani Energy Solutions has crossed the 100-DMA hurdle, which stands at ₹847; below which the bullish pivot exists at ₹805 levels. On the upside, the 100-WMA at ₹926 is likely to act as a stiff resistance. The stock has been languishing below this key long-term moving average since the breakdown in late January 2023. Interim resistance can be expected around ₹881.
Adani Total Gas
Current Price: ₹659
Likely Target: ₹760
Upside Potential: 15.3%
Support: ₹641; ₹630; ₹610
Resistance: ₹705
Adani Total Gas is likely to trade with a bullish bias as long as the stock sustains above ₹641, with follow-up support visible at ₹630 and ₹610 levels. The stock has been a major laggard, and still trades 83 per cent lower when compared to the high of can rally to ₹3,917 in January 2023. In the current pullback, the stock can potentially jump to ₹760 levels on the upside, with interim resistance likely around ₹705 levels.
 "Adani Green, Adani Ports: 32% gain seen in Adani group stks post Sebi order")
