According to technicals, Adani Enterprises Ltd, the flagship unit of Gautam Adani, has the potential to extend the rally further. The stock closed with a gain of 15.78 per cent. 1,579.00 each, after climbing 14 per cent yesterday, ending a seven-day losing streak that was the longest since October 2022.
Chart Pattern Shows Bulls May Be Eyeing 1,900 – nearly 40 per cent higher than yesterday’s closing price – as long as they are able to keep the stock above key support levels 1,400.
“Technical factors are suggesting a move in a strong counter trend Adani Enterprisessaid Anuj Dixit, vice-president of equity research at Mumbai-based Sovereign Global Markets Pvt Ltd.
“There is a possibility of further upside in the stock as the bullish engulfing pattern is supported by high volumes,” said Dixit.
Seen in recovery that began on Tuesday inventory End the session with a so-called “bullish engulfing” pattern. Also, yesterday’s volume on NSE stood at around 340 lakh shares, which was almost 2.4 times the 20-day average and the highest since February 3, when 439 lakh shares were traded. fall day
All 10 stocks of port-to-power Adani Group closed higher, the first such event since a blistering report by US-based short-seller Hindenburg Research on January 24 triggered an unprecedented rout in the empire’s shares.
Adani Total Gas gained 4.9 per cent, ending a 26-session losing streak.
The group has lost about $145 billion of its market capitalization since reports of accounting fraud and stock manipulation.
Adani, led by billionaire Gautam Adani, has rejected the allegations and denied any wrongdoing.
Adani group companies pared some losses this week after the management of the port-to-airport conglomerate launched roadshows in Singapore and Hong Kong to boost investor confidence in the beleaguered kingdom.
The group said it has enough cash to pay down a lot of debt, including onshore bonds, and has started doing so.
Meanwhile, Adani Group has told creditors that it has secured a loan of $3 billion from the Sovereign Wealth Fund. According to a Reuters report, the sovereign wealth fund’s credit line could be increased to $5 billion.
The news of Adani securing fresh debt comes a day after group management told bondholders it expected to prepay or repay share-backed loans worth $690 million to $790 million by the end of March.
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