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Adani Enterprises tests 9-yr trend line support; tech view on group stocks

Adani group stocks have tumbled up to 47% since the start of December quarter. In case of a pullback Adani Green, Adani Ports and Adani Power can potentially rally up to 32%, show tech charts.

Adani, Adani Group

Photo: Bloomberg

Rex Cano Mumbai

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Shares of Adani group of companies were seen holding gains of up to 6 per cent on Wednesday following a sharp rally in the previous trading session. Today, Adani Green was the top mover, up nearly 6 per cent at Rs 1,065 in intra-day deals. Adani Ports, Adani Power, Adani Energy Solutions, NDTV and Adani Total Gas were the other major gainers - up 2 - 4 per cent each.  Despite the two-day pullback Adani stocks are seen holding notable losses for the calendar year thus far. According to data from ACE Equity, Adani Wilmar has shed 13.3 per cent thus far in January. Adani Total Gas and Adani Ports have plunged 12 per cent and 9 per cent, respectively. Similarly, NDTV, Adani Enterprises, ACC, Adani Energy Solutions and Ambuja Cements have shed 4 - 7 per cent each.  Over the last one quarter, i.e. since the end of September quarter, shares of Adani group have logged losses up to 47 per cent, with Adani Green taking the worst hit. Among others, Adani Enterprises, Adani Energy Solutions, Adani Wilmar, Adani Ports, ACC and NDTV declined over 20 per cent each. The least fall among the Group stock was seen in Adani Total Gas, down 15 per cent.  ALSO READ: Siemens witnessed its steepest fall in 30-day period, down 28%; what next?  As such, can the current buying interest result in a notable pullback in Adani Group stocks or will the rally falter?  Here's what the technical charts suggest:  Adani Enterprises  Current Price: Rs 2,385  Upside Potential: 17.4%  Support: Rs 2,303  Resistance: Rs 2,670  Adani Enterprises stock is seen consolidating around its 200-WMA (Weekly Moving Average), which now stands Rs 2,424, for the last nine weeks. Similarly, the stock seems to be attempting to seek support around the 50-MMA (Monthly Moving Average) - a key indicator the stock has respected since March 2016. The 20-MMA at present stands at Rs 2,303. CLICK HERE FOR THE CHART  Thus, as long as the 20-MMA is protected on a monthly closing basis, Adani Enterprises can potentially attempt a pullback from current levels. On the upside, the stock can jump to Rs 2,800 levels; with interim resistance expected around Rs 2,670.  Adani Ports  Current Price: Rs 1,129  Upside Potential: 20.5%  Support: Rs 1,087  Resistance: Rs 1,180; Rs 1,225; Rs 1,270  Adani Ports is seen testing support at its 100-WMA - a key moving average the stock has held since July 2023. The 100-WMA stands at Rs 1,087. As long as this support is held on a weekly closing basis, the stock can attempt a pullback in the near-term. CLICK HERE FOR THE CHART  As such, the stock can bounce back towards its 50-WMA, which stands at Rs 1,360. Interim resistance for the stock can be expected around Rs 1,180, Rs 1,225 and Rs 1,270.  ALSO READ: Kumbh Mela 2025: Time for stock market cleansing? Here's what history shows  Adani Power  Current Price: Rs 549  Upside Potential: 17.5%  Support: Rs 526; Rs 472  Resistance: Rs 582; Rs 615  Adani Power too is seen seeking support around its 100-WMA and the 20-MMA which stand at Rs 472 and Rs 526, respectively. The overall bias at the counter is seen turning favourable as indicated by a positive crossover on key momentum oscillators. CLICK HERE FOR THE CHART  As such, the stock can potentially attempt a rally towards Rs 645 levels; with interim resistance expected around Rs 582 and Rs 615 levels.  Adani Green  Current Price: Rs 1,035  Upside Potential: 32.4%  Support: Rs 935; Rs 900  Resistance: Rs 1,120; Rs 1,190; Rs 1,215; Rs 1,320  Unlike the above mentioned 3 Adani Group stocks, Adani Green, which witnessed the steepest fall is seen trading below the key moving averages on the weekly and monthly scale. The 100-WMA and the 50-MMA of Adani Green stand at Rs 1,370 and Rs 1,449, respectively. CLICK HERE FOR THE CHART  At present, Adani Green stock is seen seeking support around the super trend line on the monthly scale at Rs 935 levels. Today, the stock has given a fresh breakout on the daily scale, indicating that the near-term bias is likely to remain positive as long as the stock holds above Rs 900 levels. On the upside, the stock may attempt a pullback towards its 100-WMA at Rs 1,370. Interim resistance for the stock is seen placed at Rs 1,120, Rs 1,190, Rs 1,215 and Rs 1,320 levels. 

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First Published: Jan 15 2025 | 11:19 AM IST

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