Adani Ports, Power: Charts suggest up to 23% upside for these Adani stocks

Over the last one year, select Adani Group stocks such as Adani Power, Adani Green, Adani Enterprises and Adani Ports have zoomed up to 300 per cent from their February 2023 lows.

A year after the damaging report by US-based Hindenburg Research had sent Adani Group shares scurrying for cover, the Gautam-Adani led firm shares have recouped significant losses, and the Group has gained over 100 per cent in market capitalisation from its February 2023 low.

Among individual shares, Adani Power and Adani Green have zoomed around 300 per cent from the panic lows in February 2023; whereas the shares of the flagship firm Adani Enterprises and Adani Ports have vaulted 200 per cent.

On Monday, shares of Adani Group rallied up to 7 per cent as benchmark indices jumped close to 1.5 per cent.

Going ahead, here are the key levels that one needs to watch out on select Adani shares.

Adani Enterprises (AEL)

Current Price: Rs 3,028

Bias: Sideways

Support: Rs 2,990

Resistance: Rs 3,150; Rs 3,200

Even as shares of Adani Enterprises trade with a positive bias on multiple time-frames, based on price-to-moving averages action; the trend seems to be lacking momentum. Thus, the stock may remain sideways to marginally positive in the near-term.

As per the daily chart, the stock needs to sustain consistently above its 20-DMA (Daily Moving Average) which stands at Rs 2,990. On the upside, the stock is expected to face resistance in the Rs 3,150-3,200 zone. 

Only a strong close above Rs 3,200 level can ignite fresh momentum at the counter. In the interim, charts suggest that the stock could broadly move in the Rs 2,800 - Rs 3,200 range. CLICK HERE FOR THE CHART

Adani Ports

Current Price: Rs 1,185

Bias: Positive

Support: Rs 1,060

Resistance: Rs 1,300

Upside Potential: 23%

Adani Ports is trading at record levels, and the monthly chart suggests that the bias is likely to remain bullish as long as the stock sustains above Rs 1,070 levels. On the upside, the stock may face some resistance around Rs 1,300, above which a rally towards Rs 1,460 seems possible. CLICK HERE FOR THE CHART

Adani Power

Current Price: Rs 562

Bias: Positive

Support: Rs 530

Resistance: Rs 585; Rs 590

Upside Potential: 14%

Adani Power is trading in fairly overbought zone on the daily and weekly time-frame. Despite that, the stock seems to be picking fresh momentum. A close above Rs 565 on Monday could strength the up move. Among the key momentum oscillators, the MACD (Moving Average Convergence-Divergence) is also on the verge of turning positive.

The stock has near resistance around the Rs 585-Rs 590 zone; above which it can potentially rally to Rs 640. CLICK HERE FOR THE CHART

Adani Energy Solutions

Current Price: Rs 1,093

Bias: Mixed

Support: Rs 1,020; Rs 890

Resistance: Rs 1,220; Rs 1,250

Adani Energy Solutions has gained close to 73 per cent from its February 2023. Further, even as the bias on the daily and weekly seems to be relatively positive; the long-term chart suggests that the bias still remains negative for the stock.

Having said that, the stock is yet to recoup significant ground, hence a sharp pullback to Rs 1,770-odd levels cannot be ruled out. 

In the near-term, strong support for the stock can be expected around Rs 890-odd levels, with near support at Rs 1,020. On the other hand, stock is expected to face considerable resistance around Rs 1,220 and Rs 1,250. CLICK HERE FOR THE CHART

Ambuja Cements

Current Price: Rs 571

Bias: Positive

Support: Rs 562; Rs 536

Resistance: Rs 580

Upside Potential: 5%

Shares of Ambuja Cements are likely to trade with a positive bias in the near-term, as one of its key momentum oscillators (MACD) have given a positive divergence on the daily scale. That apart, the Directional Index and Slow Stochastic are already in favour of the bulls.

The near-term bias is likely to remain bullish as long as the stock trades above Rs 562. On the upside, the stock seems on course to test Rs 600-mark, with some resistance seen at Rs 580. The overall trend is likely to remain positive as long as the stock holds above its 20-DMA, which stands at Rs 536. CLICK HERE FOR THE CHART