How to trade Adani stocks amid Hindenburg-Sebi row? Here's what charts say

Adani group shares such as Adani Enterprises, Ambuja Cements, Adani Power and ACC seem favourably placed on the charts, and can potentially rally up to 22 per cent from current levels.

Shares of Adani Group of companies were buzzing in trades on Tuesday, with select stocks rising up to 6 per cent following reports of Sebi slapping 'show-cause' notice to Hindenburg Research.

Meanwhile, the US-based short seller has alleged 'surreptitious aid' by the market regulator, the Securities and Exchange Board of India to the Gautam-Adani led group.

"Our understanding from discussions with sources in the Indian market is that Sebi's surreptitious aid of Adani commenced almost immediately post-publication of our January 2023 report," Hindenburg said in a blog post.

"Following our report, we were told that Sebi pressured brokers behind the scenes to close short positions in Adani under the threat of expensive, perpetual investigations, effectively creating buying pressure and setting a 'floor' for Adani’s stocks at a critical time." the blog stated. READ MORE

On the bourses on Tuesday, after a mixed start to the trading action, shares of Adani Energy Solutions and Adani Total Gas rallied up to 6 per cent each. Among others, ACC, NDTV and Adani Wilmar gained around 3 per cent each. Adani Ports, Adani Power, Adani Green and Ambuja Cements were up between 1 - 2 per cent.

Meanwhile, here's a technical outlook on key Adani group stocks:

Adani Enterprises

Current Price: Rs 3,198

Upside Potential: 22%

Support: Rs 3,165; Rs 3,135

Resistance: Rs 3,335

Since the last two weeks, Adani Enterprises stock has consistently been seeking support around its 100-DMA (Daily Moving Average), which stands at Rs 3,165. The next key support stands nearby at Rs 3,135 - the 50-DMA. The near-term bias is likely to remain cautiously optimistic as long as these support levels are held. Break of the same can trigger a dip towards Rs 3,050 levels. CLICK HERE FOR THE CHART

On the upside, Adani Enterprises stock faces near resistance at Rs 3,335; break and sustained trade above the same can lead to a rally towards Rs 3,900 levels.

Adani Ports

Current Price: Rs 1,483

Downside Risk: 8.3%

Support: Rs 1,425

Resistance: Rs 1,500; Rs 1,550

Adani Ports is trading with a positive bias on multiple time-frames. Among the key levels, the stock needs to sustain above Rs 1,500-level on a consistent basis to see fresh upside. Near resistance is seen at Rs 1,550, above which a jump to Rs 1,600 seems likely.

On the flip side, failure to sustain above Rs 1,500, can trigger consolidation at the counter. In which case, the stock can test its 20-DMA at Rs 1,425 on the downside, or extend its fall towards the 20-WMA at Rs 1,360. CLICK HERE FOR THE CHART

Adani Power

Current Price: Rs 727

Upside Potential: 10%

Support: Rs 713; Rs 685

Resistance: Rs 770

Adani Power stock at present is seen testing support around its super trend line support at Rs 713. The near-term bias is likely to remain positive as long as this support is held. On the upside, the stock can attempt to bounce back to Rs 800 levels.

On the other hand, break and sustained trade below Rs 713, can trigger a fall towards Rs 625. Interim resistance is seen at Rs 770, and support at Rs 685. CLICK HERE FOR THE CHART

Ambuja Cements

Current Price: Rs 698

Upside Potential: 11%

Support: Rs 670; Rs 655

Resistance: Rs 735; Rs 755

Ambuja Cements stock has witnessed a strong rally so far in 2024; the stock was up 36.2 per cent at its high at Rs 707. The stock is seen treading along the higher-end of the Bollinger Bands on the monthly scale. CLICK HERE FOR THE CHART

The quarterly Fibonacci chart suggests an upside target of Rs 775 for the stock, with interim resistance seen at Rs 735 and Rs 755. In case of a dip, the stock is expected to seek support around Rs 670 and Rs 655.

ACC

Current Price: Rs 2,799

Upside Potential: 6.1%

Support: Rs 2,760; Rs 2,745

Resistance: Rs 2,835; Rs 2,905

ACC stock has given a fresh breakout on the weekly scale. The near-term bias is likely to remain positive as long as the stock sustains above Rs 2,760 levels. On the upside, the stock can potentially rally to Rs 2,970 levels. Interim resistance for the stock is seen at Rs 2,835 and Rs 2,905.

In case, the stock slips below Rs 2,760 support, the stock may seek support around Rs 2,745 levels. CLICK HERE FOR THE CHART