Adani Ent, ACC: Charts indicate positive trend in select Adani Group stocks

Adani Enterprise , in particular, could see a rally of up to 11 per cent in coming sessions

Shares of Adani group will be in spotlight on Tuesday after SEBI (Securities and Exchange Board of India) sought an extension of over six months to conclude its probe into the allegations levelled against the Adani Group by Hindenburg Research. 

Shares of Adani Group have seen a smart recovery since March, after the onslaught seen in January and February of this year.  Adani Enterprises is up 90 per cent, Adani Green Energy has soared 116 per cent, Adani Ports and Special Economic Zone recovered 72 per cent, Adani Power gained 69 per cent, Adani Transmission rallied 60 per cent, while Adani Total Gas rebounded 38 per cent and Adani Wilmar improved 25 per cent from their respective lows in recent times. 

Likewise, Ambuja Cements rallied 25 per cent, while ACC merely managed to scale 10 per cent. 

To understand their next price move, let’s consider the technical outlook:-

Adani Enterprises Ltd (ADANIENT)

Likely target: Rs 2,590

Upside potential: 11%

Shares of Adani Enterprises have scales the 50-day moving average (DMA) decisively, instigating a positive bias for coming sessions. The 50-DMA is set at Rs 1,749, which shall actively act a support mark for henceforward.

The trend aims at reaching Rs 2,590 level, which is its 100-DMA, as per the daily chart. If the stock manages to defend its ground, the probability of reaching towards 100-DMA becomes very high. CLICK HERE FOR THE CHART

Adani Power Ltd (ADANIPOWER)

Outlook: Breakout over 100-DMA

Once the stock manages to leap over the 100-DMA placed at Rs 229, the stock shall prompt a bullish rally towards Rs 260 and Rs 280, as per the daily chart. While the stock has entered the overbought category of the Relative Strength Index (RSI), the trend has not seen any major sell-off. 

The support for the stock exists at Rs 210 and Rs 200 levels. The technical chart on daily and weekly time frames points to a bullish bias, unless 50-DMA set at Rs 184 is broken. CLICK HERE FOR THE CHART

Adani Ports and Special Economic Zone Ltd (ADANIPORTS)

Outlook: Breakout over the 100-DMA

The next breakout move could emerge once the stock surpasses Rs 680-mark, its 100-DMA, as per the daily chart. Immediate support comes to Rs 637, which is its 50-DMA level.

The trend looks positive, as it managed to settle over the 50-DMA; nevertheless the price action shall see a trigger only over the 100-DMA mark. The volumes have been sluggish during the recent sessions.   CLICK HERE FOR THE CHART

ACC Ltd (ACC)

Outlook: Breakout above 50-DMA

While there is “Lower High, Lower Low” formation on the daily chart, which continues to dominate the stock, a conclusive close over the 50-DMA could prompt stock to scale further highs. The present support for the stock exists at Rs 1,650 levels. The 50-DMA is set at Rs 1,756-mark.

Above the 50-DMA, the stock may find a trend towards Rs 1,950 levels.  CLICK HERE FOR THE CHART

Ambuja Cements (AMBUJACEM)

Outlook: Awaits Ascending triangle breakout

There is a formation of “Ascending Triangle” pattern, which once get broken on the higher side, the stock shall witness a positive rally. The neckline for the breakout stays at Rs 405, as per the daily chart. 

Following the breakout, the stock may easily reach Rs 434 and Rs 450, which are its 100-DMA and 200-DMA, respectively. The support for the stock lies at Rs 370, its 50-DMA. CLICK HERE FOR THE CHART