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Adani Enterprises Tests 9-Year Trendline Support - Technical Outlook
Last Updated: 15th January 2025 - 05:04 pm
On Wednesday, shares of Adani Group companies showed gains of up to 6% following a strong rally in the prior trading session. Adani Green emerged as the top performer, climbing almost 6% to ₹1,065 during intra-day trading. Other key gainers included Adani Ports, Adani Power, Adani Energy Solutions, NDTV, and Adani Total Gas, which rose between 2% and 4%.
However, despite the recent upward trend, Adani stocks remain under pressure in 2025. According to ACE Equity data, Adani Wilmar has dropped 13.3% in January alone. Adani Total Gas and Adani Ports declined by 12% and 9%, respectively, while NDTV, Adani Enterprises, ACC, Adani Energy Solutions, and Ambuja Cements recorded losses of 4% to 7%.
Quarterly Performance Highlights
Since the end of September, Adani Group stocks have faced declines of up to 47%, with Adani Green taking the largest hit. Other significant declines were seen in Adani Enterprises, Adani Energy Solutions, Adani Wilmar, Adani Ports, ACC, and NDTV, each down over 20%. In contrast, Adani Total Gas saw a comparatively smaller drop of 15%.
Technical Analysis of Key Stocks:
1. Adani Enterprises
- Current Price: ₹2,385
- Upside Potential: 17.4%
- Support Levels: ₹2,303
- Resistance Levels: ₹2,670
The stock has been consolidating near its 200-week moving average (WMA) of ₹2,424 for nine weeks. Additionally, it is seeking support near its 50-month moving average (MMA) at ₹2,303—a crucial level respected since March 2016.
Outlook: If ₹2,303 holds, the stock may rebound toward ₹2,800, facing interim resistance at ₹2,670.
2. Adani Ports
- Current Price: ₹1,129
- Upside Potential: 20.5%
- Support Levels: ₹1,087
- Resistance Levels: ₹1,180, ₹1,225, ₹1,270
The stock is testing support at its 100-WMA of ₹1,087, a key level since July 2023.
Outlook: A sustained close above ₹1,087 could lead to a rebound toward the 50-WMA at ₹1,360, with potential resistance at ₹1,180, ₹1,225, and ₹1,270.
3. Adani Power
- Current Price: ₹549
- Upside Potential: 17.5%
- Support Levels: ₹526, ₹472
- Resistance Levels: ₹582, ₹615
The stock is finding support at the 100-WMA and 20-MMA, positioned at ₹472 and ₹526, respectively. A positive momentum shift is indicated by key oscillator crossovers.
Outlook: If support levels hold, the stock could climb to ₹645, facing interim resistance at ₹582 and ₹615.
4. Adani Green
- Current Price: ₹1,035
- Upside Potential: 32.4%
- Support Levels: ₹935, ₹900
- Resistance Levels: ₹1,120, ₹1,190, ₹1,215, ₹1,320
Unlike the other stocks, Adani Green is trading below key moving averages. Its 100-WMA and 50-MMA stand at ₹1,370 and ₹1,449, respectively.
Outlook: The stock is currently seeking support near the super trend line on the monthly chart at ₹935. A breakout on the daily chart suggests a positive near-term outlook if the stock stays above ₹900. It could potentially move up to ₹1,370, with key resistance levels at ₹1,120, ₹1,190, ₹1,215, and ₹1,320.
To summarize, the recent rally has improved sentiment for Adani Group stocks, although year-to-date losses remain significant. Adani Enterprises and Adani Ports are showing signs of consolidation and potential rebounds, while Adani Power exhibits favorable technical indicators. Adani Green, despite suffering the steepest losses, is showing signs of recovery with an optimistic short-term outlook. Investors should monitor key support levels and technical indicators closely for potential trend shifts.
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5paisa Research Team
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