Technical Analysis of Adani Stocks

Adani Stocks Plunged by up to 23%, Wiping Out 72.60 Lakh Crore in Investor Wealth. Let's examine the technicals and the reason for the fall.

21-11-2024 / THURSDAY

Adani Group of companies

"The Adani Group, a trusted name in the Indian stock market, is renowned for its diverse offerings, excellent service, and strong investor returns, making it a reliable choice for those seeking stability and growth"

Stocks of Gautam Adani-led companies plunged over 20% during today's trading session, with several high-risk counters hitting lower circuit limits. At the market opening, the sell-off wiped out over 72.60 lakh crore in investor wealth across the group's 10 listed companies.

What reason for the fall?

U.S. prosecutors have charged Adani, his nephew Sagar, and others with allegedly paying over $250 million in bribes to Indian government officials between 2020 and 2024 to secure solar energy contracts, potentially yielding profits exceeding $2 billion. They alleged that this was hidden from U.S. banks and investors, who provided billions of dollars in funding for the project. So, The Adanis were implicated in a civil case by the U.S. Securities and Exchange Commission (SEC).

Technical Analysis :

Energy is already weakened...!

Power and other Adani Stocks are at support...!

Observation :

Adani Group of companies was already in the retracement phase and the current news pushed it to the next level. Now, except Adani Energy Solutions, all Adani Stocks are at an important support level from where a strong pullback is expected. A good fall is anticipated if the support level is taken out. Adani Energy Solutions has to come out of the zone either to move up or fall.

"Together let's chart our financial independence"

Gajapriya Annadurai
Full Time Trader & Investor, Founder @Stark School of Finance.

Technical Analysis of Adani Stocks

Adani Group of companies

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