Trading strategies for Adani group stocks amid Auditor's resignation

Barring Adani Ports and Special Economic Zone, no other group company of Adani shows a favorable trend in the present technical structure,

Shares of Adani group, owned by billionaire Gautam Adani, plunged close to 3 per cent on Monday following the resignation of auditor Deloitte. Also, the stock market regular Securities and Exchange Board of India (Sebi) is due to submit its review report to the supreme court of India over the allegations levelled by US-based Hindenburg Research.

Adani Adani Enterprises hits new monthly low plunging close to 3 per cent, while Adani Ports and Special Economic Zone experienced a gap-down opening on Monday. All Adani group shares were seen trading in red, with sentiment returning to uncertainty. 

Here’s the technical outlook of Adani group stocks amid uncertainty:-

Adani Enterprises Ltd (ADANIENT)

Outlook: support at 50-SMA and resistance at 200-DMA

Shares of Adani Enterprise must hold the support of the 50-day simple moving average (SMA), currently placed at Rs 2,422-mark to maintain the positive bias. On the upside, the stock needs to take out Rs 2,626, its 200-SMA to breakout on the upside. Either side breakout could see a rally of 500 - 700 points. CLICK HERE FOR THE CHART

Adani Power Ltd (ADANIPOWER)

Outlook: Next hurdle is at Rs 320

A breakout over Rs 290 might take this counter to Rs 320, which is the next major resistance. The support for the stock exists at Rs 260-level. The momentum indicator, the Moving Average Convergence Divergence (MACD) is definitively holding the up move over the zero line, propelling the price action in the bullish bias. CLICK HERE FOR THE CHART

Adani Ports and Special Economic Zone Ltd (ADANIPORTS)

Outlook: Golden Cross breakout 

There is a breakout of “Golden Cross”, which suggests a positive upside in the forthcoming sessions. The support exists at Rs 735, its 200-SMA, with price action reflecting a bias towards Rs 900-level. However, the Relative Strength Index (RSI) is reluctant to enter the overbought category, denoting weakness near the Rs 800-level. CLICK HERE FOR THE CHART

ACC Ltd (ACC)

Outlook: Failed to hold the 200-SMA

Shares of ACC have failed to hold the up move over the 200-SMA placed at Rs 1,997-mark, indicating a negative bias. The support for the current weakness emerges at Rs 1,849-level, its 50-SMA. Below the 50-SMA, the stock could might dive towards 1,700-level. CLICK HERE FOR THE CHART

Ambuja Cements (AMBUJACEM)

Outlook: Hovering around 200-SMA

The stock is trading near the 200-SMA placed at Rs 437, which may provide support to the current weakness. If that happens, a sharp recovery towards Rs 480 cannot be neglected. A breakdown below the 200-SMA could take the stock towards Rs 400-mark. CLICK HERE FOR THE CHART

Adani Green Energy Ltd (ADANIGREEN)

Outlook: support of 50-SMA and 200-SMA

The stock must hold the support of Rs 957, its 100-SMA, to negate the positive bias. If it fails to do so, the trend may enter a short-term bearishness, taking stock towards Rs 800-mark. CLICK HERE FOR THE CHART

Adani Total Gas Ltd (ATGL)

Outlook: Sideways trend

The counter is trading sideways in the range of Rs 680 to Rs 620, without providing any clear direction. A breach of this range could trigger a rally of 70 to 100 points upon breakout. The trend remains fragile, with low volume. CLICK HERE FOR THE CHART

Adani Transmission Ltd (ADANITRANS)

Outlook: Close over Rs 850 could spark a bullish bias

A close over the hurdle of Rs 850 might take this counter towards 950, where the next major resistance persists. Until this happens, a support of Rs 760 can be maintained on the closing basis. CLICK HERE FOR THE CHART