Adani Enterprises tests Jan 2023 Hindenburg fall support; can slide 34%

Adani Enterprises stock is seen re-testing support around its 200-WMA, like it during the the Hindenburg allegations triggered fall in Jan-Feb 2023, technical chart shows.

    Shares of Adani Group were under intense selling pressure on Thursday, tumbling up to 20 per cent, after the US SEC indicted Gautam Adani over his role in an alleged multi-billion-dollar bribery and fraud scheme.     Authorities said Adani and 7 others, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain solar energy supply contracts expected to yield $2 billion of profit over 20 years.  According to the court order, the judge has issued arrest warrants for Gautam Adani and Sagar Adani - nephew of Gautam Adani, and prosecutors plan to hand those warrants to foreign law enforcement.   Amid Thursday's massive fall, Adani Enterprises stock was seen testing support around its 200-WMA (Weekly Moving Average) - a key moving average where the stock had found support during the Hindenburg allegations-related slide back in January 2023, technical charts show.    Meanwhile, the Adani Group today scrapped a $600 million dollar bond after US prosecutors charges.  On the bourses, Adani Energy Solutions slumped to the 20 per cent lower circuit at Rs 174. Adani Power, Adani Green and Adani Total Gas also tumbled up to 17 per cent. Meanwhile, shares of the group flagship company - Adani Enterprises hit the 10 per cent lower limit in opening trades.  Here's how Adani group stocks are placed on the charts post today's sharp fall:  Adani Enterprises  Current Price: Rs 2,539  Downside Risk: 23.2%  Support: Rs 2,345; Rs 2,200  Resistance: Rs 2,650  Adani Enterprises stock has given a fresh sell signal on the daily chart. The stock is now seen trading below the lower-end of the Bollinger Bands, implying a bearish bias as long as the stock trades below Rs 2,650 levels. On the downside, the stock has a major support at Rs 2,350 - its 200-WMA (Weekly Moving Average).  During the sharp fall post Hindenburg allegations in January 2023, Adani Enterprises stock had found support around its 200-WMA. Hence, the 200-WMA is likely to be an important support yet again. In 2023 fall, the stock had eventually found support around Rs 1,000-mark, which is where the 200-WMA then stood. CLICK HERE FOR THE CHART    The long-term chart shows, that in case, the 200-WMA is violated Adani Enterprises can potentially extend the fall towards Rs 1,950 levels, with interim support expected around Rs 2,200 levels.  Adani Ports  Current Price: Rs 1,161  Downside Risk: 22.5%  Support: Rs 1,115; Rs 1,045  Resistance: Rs  Adani Ports is expected to trade with a negative bias as long as the stock trades below Rs 1,220 levels. The medium-term chart shows, Adani Ports could test its 100-WMA support at Rs 1,045 in the near-term; below which a slide towards Rs 900-odd levels cannot be ruled out. Interim support for the stock exists at Rs 1,116. CLICK HERE FOR THE CHART  Adani Green  Current Price: Rs 1,150  Downside Risk: 28.3%  Support: Rs 943  Resistance: Rs 1,320  Adani Green is likely to trade with a bearish bias as long as the stock sustains below Rs 1,320 levels. The stock is seen trading below the key moving averages on the daily and weekly scale. Adani Green now seems on course to test support at its monthly super trend line at Rs 943. Break of the same can trigger a dip towards Rs 825 levels. CLICK HERE FOR THE CHART  Adani Energy Solutions  Current Price: Rs 697  Downside Risk: 34%  Support: Rs 677; Rs 640  Resistance: Rs 785  The pivot for Adani Energy Solutions stock stands at Rs 785; below which the stock is expected to trade on a weak note. At the same time, the stock is seen testing support the lower-end of the Bollinger Bands on the monthly scale at Rs 677. This support coincides with the February 2023 low around Rs 640 levels. In case, this support gets violated a prolonged slump towards Rs 460 levels cannot be ruled out. CLICK HERE FOR THE CHART